Massive oil refining capacity idle in China as prices soar

Chevron oil refinery in U.S.

NEW YORK: As gasoline prices soar and the United States considers invoking Cold War-era laws to boost production, there’s a massive pool of oil refining capacity on the other side of the Pacific Ocean that’s sitting idle.

Around a third of Chinese fuel-processing capacity is currently out of action, as Asia’s largest economy struggles to put the coronavirus behind it.