Isn’t there something better that we should be doing than ensuring we have full tanks of diesel and petrol? The reform task isn't storing more oil — it's exiting it. The post A new oil refinery commissioned in the mid-2030s is just burning money that makes emissions appeared first on Renew Economy.
A new oil refinery commissioned in the mid-2030s is just burning money that makes emissions
Brief
The Renew Economy piece by Ray Wills and Peter Newman (2026-08-03) warns that commissioning a new oil refinery in the mid-2030s would be a financially wasteful, emissions-intensive decision. The authors argue policy should shift from storing more liquid fuels toward actively exiting oil through demand reduction, electrification, and alternative storage and energy measures rather than new refinery investment.
Why it matters
Article by Ray Wills and Peter Newman, published on Renew Economy on 2026-08-03, argues against commissioning a new oil refinery in the mid-2030s.
Key details
- Authors say a refinery brought online in the mid-2030s would 'just burn money' and increase greenhouse-gas emissions rather than provide lasting energy security.
- Policy recommendation: prioritize exiting oil (demand reduction, electrification, storage alternatives) rather than expanding oil storage or building new refining capacity.