As I read we had 17.9M barrels of refinery capacity which peaked in 2020 at 19M barrels, then in the last 2 years it dropped back to 17.9M. Check out how in those 2 years the crack spread between oil and refined products rocketed straight up
Seems a bit (!) more than warranted for a 6% drop in capacity.
https://global-macro...g-crack-spread/