U.S. crude oil refining capacity has reversed two years of declines and climbed by more than 100,000 barrels, to 18.1 million barrels per day (bpd), according to a government report released on Wednesday. During the first two years of the COVID-19 pandemic, processing capacity to produce gasoline, diesel and jet fuel fell 5.4% as lockdowns and work-from-home policies crushed motor fuel demand. When gasoline and diesel demand rebounded last year, diminished capacity resulted in sky-high fuel prices and record profits for the industry. In November, U.S. President Joe Biden accused oil companies of profiteering and ... (full story)