Upgrades by refineries won’t help your wallet

Companies will spend billions of dollars on their oil refineries in the United States and abroad in the coming years, but don’t count on those investments leading to lower prices at the pump.

Rather, most of that money is going into upgrades to meet new clean-fuel standards in the United States, increase refiners’ ability to process cheaper and heavier grades of crude, and expand their ability to make more profitable products such as diesel fuel.