“… new refineries outside of China equals new capital any way you look at it so an increase in price is inevitable.”
??More refineries means more capital means higher price??
I don’t understand your logic.
“The law of supply is a microeconomic law. It states that, all other factors being equal, as the price of a good or service increases, the quantity of that good or service that suppliers offer will increase, and vice versa.”
https://www.investopedia.com/terms/l/lawofsupply.asp
DYOR
“… new refineries outside of China equals new capital any way...
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