10/20/2026
Did you know? The United States is producing more oil than any country in the history of the world. But crude oil has little value until it is refined into one of the more than 6,000 finished petroleum products we rely on every day. That said, the United States hasn’t built a new major refinery since 1977. During that time, domestic oil consumption has increased 12% while refining capacity has increased just 7%. Global refining capacity has increased at a greater pace over the past 50 years, but global conflicts have knocked critical refining capacity offline. Hence, the elevated prices for gasoline, diesel and other refined petroleum products we are seeing today.
Notably, the difference between the “upstream” oil production industry and the “downstream” refining industry in the Land of Lincoln is night-and-day.
▶️ In Illinois, none of the small "upstream" companies that find and produce oil are in the "downstream" refining business.
▶️ Similarly, none of the companies that refine oil in Illinois - Marathon, Phillips 66, BP and ExxonMobil - produce oil in the state.
That said, Illinois oil producers have NO control over ANY of the factors that determine pump prices: global oil prices (market driven), taxes (government policy), refining, and marketing and distribution.