Exxon is saying that the refining shortages are due to closures during the pandemic.
The statement makes me think of the implications of an event that can disrupt the apple cart and cause issues for years and years.
Thinking of the supply chain, the pandemic caused a "fast break the other way" when inventories were no longer needed.
Once there was a reopen, the rush to replenish inventories ended up leading to other problems as ports became overloaded and distribution of the goods was stressed due to lack of truck drivers, etc.
Now with the economy on the verge of slowing and/or spending habits moving toward services vs goods, the threat may be a glut of goods down the road.
Fed and central bank policy seems to be on the same type of path as they chase the ebbs and flows..
