Element Fuels Holdings, a Dallas-area startup, is reviving plans to construct a new oil refinery in South Texas. Led by entrepreneur John Calce, the company aims to process approximately 50,000 to 55,000 barrels per day of naphtha feedstock into gasoline in the first phase of the project, projected to cost around $1.2 billion. Seeking support, Element is in discussions with the U.S. Department of Energy to secure funding under the Inflation Reduction Act. The refinery will be powered by a 165-megawatt-per-day capacity power plant utilizing hydrogen produced on-site. Despite previous setbacks experienced by other startups, including bankruptcies, Element Fuels remains determined to see the project through. The company holds a Texas state permit for the plant's construction and intends to utilize U.S. shale oil as its primary feedstock. Acknowledging the financial challenges in the refining industry, experts suggest that securing financing for new projects can be difficult, especially with changing demand dynamics. However, Element Fuels plans for the long term, considering potential shifts in the market. The company is open to adapting the refinery into a petrochemicals facility or exploring export opportunities for its products, showing flexibility in response to evolving market conditions.