Last year XOM Exxon the world's largest integrated oil company in the world - increased its capital expenditures by 11.7% to $15.5 BILLION which is the largest capital expenditure budget in the world. But there is still not enough refinery capacity in the US to meet the demand of the nation. Does XOM care yes and no. Their main purpose is to stay in business and make money thus increasing the shareholders value in the stock. So what else did they do?
They spent $29.6 Billion in stock buybacks so that there was less stock in the market thus creating a demand for their stock which drove their price up more. So is this good for the country. Yes and no.
There hasn't been a new refinery built in the US since 1976. Why? EPA. People don't want it in their backyard.
Too high of cost. Build it overseas and ship it in cheaper. Many reasons.
Business is business and XOM iw a world company not a US company anymore.