Re: China to Take US Oil Refining Crown
In a free market, some of the U.S. refiners would export product. But just as with Lumber where China imports raw logs only and no lumber, China insists on keeping all the jobs and industrial capacity even if it is more expensive than importing processed goods. In addition, Chinese refiners have advantage of no Paris accord emission limits or related restrictions while U.S. refiners may get hit with taxes or other restrictions as Biden rejoins Paris accord.