Why would the oil companies want to build new refineries here(USA)?The "it is just too difficult to build a new refinery because of all the gov red tape" is just BS.It is extremely expensive to build a refinery,but it isn't because of the red tape.
What would their motivation be to build a new refinery?They are minting money with the situation as it is!!They have ZERO motivation.If they increase capacity(gasoline) to increase supply then that would drop the price!Why would they do that??NFW!
I'm in favor of "Free market" for most things,but petro production isn't a free market.OPEC price fixes and the oil companies benefit from that price fixing(it is legal of course for OPEC to price fix).The oil companies -refineries-price fix here in the USA,but they do it with a wink and a nod.Why would they compete,if they did they would make less money??They act as a monopoly-controlling petro from the ground to your tank.
The oil companies make more money by not competing.Do you really think they want to compete?At best The "free market" ignores national interest,and this situation isn't a "free market." Charlie