Forbes Piece: ExxonMobil Adds Big New Refining Capacity in Beaumont

[Note: This piece was also published at Forbes.com]

ExxonMobil’s Beaumont Refinery in Beaumont, Texas. [Credit: ExxonMobil]

Despite ongoing conflicting signals coming from President Joe Biden and some of his senior officials, ExxonMobilXOM announced Thursday that it has successfully started up a large expansion of its Beaumont Refinery. The expansion will add 250,000 barrels of oil per day of new refining capacity, the equivalent of starting up a large greenfield refinery.

“ExxonMobil maintained its commitment to the Beaumont expansion even through the lows of the pandemic, knowing consumer demand would return and new capacity would be critical in the post-pandemic economic recovery,” Karen McKee, president of ExxonMobil Product Solutions, said in a release. “The new crude unit enables us to produce even more transportation fuels at a time when demand is surging. This expansion is the equivalent of a medium-sized refinery and is a key part of our plans to provide society with reliable, affordable energy products.”

The new capacity would seem to satisfy at least one of the President’s criticisms of the industry, which has been an allegation that it has intentionally been under-producing gasoline during peak driving times of the year. That criticism arose during late 2021 and has been repeated by Biden and his senior officials often since, without much supporting evidence.