Oil giants refuse to build refineries as fuel prices soar

Major oil companies are rejecting calls to invest in new refineries, even as fuel prices continue to climb. The decision comes as conflicts in the Middle East and Ukraine have sharply reduced global fuel production capacity. With less fuel being produced, profit margins for existing refineries have risen significantly. Critics argue that building new refineries could ease supply pressures and lower prices for consumers. However, oil majors remain hesitant, pointing to the long-term risks and costs of such projects. The standoff leaves drivers facing persistently high fuel costs with no clear relief in sight.