Axeon Specialty Products (axeonsp.com) is closing the largest asphalt refinery in the USA — at Paulsboro, New Jersey — and converting it into a terminal. This was announced days after President Trump pledged to build new roads, highways and bridges across the country.

Industry analyst Gurpal Dosanjh said: “It’s very difficult for any company to base its future on a one-sentence policy. I don’t think it is too surprising it is closing. While Mr Trump has pledged to invest as much as $1 trillion in infrastructure during his campaign, refiners have reason to be sceptical that any infrastructure expenditure will lead to a rise in demand for their product.

“The Axeon plant lacks direct access to the heavy Canadian oil-sands crude that is commonly used to make asphalt, and I don’t think there is enough demand on the East Coast around where Axiom is located. If there is an increase in demand, it will have to be met by imports.”

US consumption of the road sealant fell to 335,000 barrels a day last year from 343,000 in 2015 (it was 546,000 in 2005). Axeon’s New Jersey refinery can produce 49,000 barrels a day, more than any other plant in the USA.