Energy > Oil refining ability: Countries Compared
United States President George W. Bush is going to propose building new oil refineries on closed American military bases as one of a group of initiatives to expand the countryâ€™s <a href= http://www.nationmaster.com/graph/ene_oil_ref_abi >oil refining capacity</a>. The last refinery built in the U.S. was completed in 1976. The cost of construction for a new 150,000 barrel-a-day refinery to process heavy crude is about $2.4 billion. <p>The president will also propose the extension of an existing tax credit for hybrid and fuel cell vehicles to include fuel-efficient clean diesel vehicles, and call for more international cooperation in the development of energy technologies. <p>The average <a href= http://www.nationmaster.com/graph/ene_gas_pri >price for a gallon of gasoline</a> in the U.S. has reached $2.21, 23 percent higher than a year ago, says the American Automobile Association. At the same time, consumer confidence declined for the third straight month in April and fell to a five-month low.<p>After a meeting between Bush and Saudi Crown Prince Abdullah at the presidentâ€™s ranch on April 25, a Saudi spokesman said high gas prices were partly the result of a lack of refining capacity in <a href= http://www.nationmaster.com/graph/ene_oil_imp_net>oil importing</a> nations rather than being solely due to a shortage of supply. <p>Saudi Arabia is not offering any immediate steps to help relieve high gas prices, other than pledging to boost <a href= http://www.nationmaster.com/graph/ene_oil_pro >oil production</a> by 1.5 million barrels a day by the end of the decade. Daily production by <a href= http://www.nationmaster.com/encyclopedia/OPEC >OPEC</a> rose 700,000 barrels to 30.4 million this month, with most of the oil coming from Saudi Arabia.