Does a new refinery make economic sense?

After more than two decades of plummeting oil production in Australia, is the country about to get a new refinery?  As Treasury warns that petrol prices will climb further if the war in Iran continues, the federal government is backing a pre-feasibility study for what would be the first refinery built on Australian soil since the 1960s. So will upping sovereign refining capacity shield Australians from energy market shocks? And is it economically wise in the long run?Meanwhile - as much of the world transitions to electric vehicle use, China has gained manufacturing dominance as the producer of the vast bulk of them. Where does this position the industrial superpower in its trade war with the US?Daniel Ziffer and ABC Chief Business Correspondent Ian Verrender break it all down on ABC Business Daily.Got a burning business question?We'd love to hear your questions! If there’s business and economic news that has you stumped or you'd like further insight into, we're here to help. Send a short voice recording to the team at [email protected] and we'll attempt to answer it.