Trump urges oil industry to build more refineries

```htmlAccording to The Wall Street Journal, Trump urged the oil industry to build more refineries capable of producing fuel during a meeting with oil company executives held at the White House on Tuesday, but convincing companies to do so is not easy. Building a new refinery is not economically viable, requiring an investment of billions of dollars and taking three to five years to construct. The oil industry expects that the energy market will have already returned to balance long before any new refinery is completed. Energy Aspects analyst Robert Campbell stated, "No one is going to make a multibillion-dollar investment just because of record profit margins over three months." Constructing a new refinery faces enormous obstacles, starting with the arduous task of obtaining the various permits required by federal, state, and local governments. Meanwhile, as consumers purchase more electric vehicles and engines become increasingly efficient, gasoline demand is expected to decline in the long term.```