The United States’ oil refining capacity edged up for the second consecutive year, reaching 18.38 million barrels per day (bpd) in 2024. This increase is primarily driven by expansions at existing facilities, with a major project at Exxon Mobil’s Beaumont, Texas refinery playing a significant role. However, the industry grapples with consolidation and uncertainty surrounding the ownership of Citgo Petroleum, the sixth-largest refiner, potentially impacting future fuel prices.