First, let's look total capacity utilization:
It has peaked at lower levels in each of the last three expansions.
Let's break the data down into durable and non-durable CU:
Both categories of production have ample spare capacity, with non-durable production having greater capacity.
Finally, let's look at crude, intermediate and final stages of production:
All three have plenty of spare capacity to bring online if needed.
So, will we see a huge wave of investment as a result of the changed tax bill? The data says no.