The Wall Street Journal reports Trump told oil executives at a White House
meeting to build more refineries capable of producing fuels, but industry
sources say convincing companies will be difficult. New refineries require
multi‑bln dollars of capex and typically take 3–5 years to build; oil sector
participants expect energy markets to rebalance well before any plants come
online. Energy Aspects analyst Robert Campbell said no one will rush into a
multi‑bn dollar build based on a few months of record margins. Developers also
face arduous federal, state and local permitting processes. Meanwhile long‑run
gasoline demand is expected to decline as EV uptake rises and engine efficiency
improves.
