Exxon Mobil Skeptical of Bush Refinery Proposal

Don’t expect to see the ExxonMobil tiger on any new oil refineries built at shuttered U.S. military bases.

Expressing deep skepticism about the need for new grassroots U.S. oil refineries, an Exxon Mobil Corp. (XOM) executive Thursday said the company has no plans to build new refineries in the U.S.

Instead of building new plants as President George W. Bush has suggested, or executing major expansions at existing sites like those planned at other companies, Exxon Mobil favors “capacity creep” in the U.S., where the industry gradually nudges up output of gasoline and other products through small-to-medium investments over time, said Henry Hubble, vice president for investor relations.
DowJones Newswires