War Exposes the Cost of Abandoned Oil Refineries

The oil refining industry has been in decline for decades, and the ongoing war has exposed the consequences of this trend. Dev Sanyal, an oil industry expert who joined in the late 1980s, recalls a time when Brent crude oil cost about $15 a barrel.

In contrast to other sectors, policymakers have largely ignored the importance of domestic oil refining. As a result, many processing plants have closed in Europe and the US, leading to higher fuel costs in some areas. The US, currently the world's largest oil producer, has also seen its share of refinery closures.

The impact is particularly evident in regions with limited access to alternative fuels or transportation infrastructure. This has significant implications for consumers, who are forced to pay more for essential goods and services due to the increased cost of fuel.