We're supposed to be producing more oil than ever before, yet gas prices are near record highs. What gives? Well, if all you did was skim this natGeo article, it would be difficult NOT to blame "greedy refineries." That is, until you read a little further:
True, the price of crude plus taxes explains most of the price at the pump. "It's basically simple for the most part," Goldstein explained, "but that doesn't mean the rest is trivial. It's not." And, he notes, the "last 20 percent is complicated."
So, even though refineries are greedy and basically evil, taxes and the price of crude constitute 80% of gasoline's price. Yeah. That's a real strong cause-and-effect you got going there, sparky. But wait! There's more!
Pipelines from the Gulf Coast to the East Coast are limited, and the only vessels permitted to move goods between U.S. ports are those built, owned, operated, and crewed by U.S. citizens and registered under the U.S. flag.
The EIA report also points to planned and unplanned maintenance at refineries ... the changeover from winter grade products to summer grade products to meet U.S. emissions requirements, and very low profit margins for refiners prior to the current run-up.
Let the libertarian translate: Due to EPA regulations strangling pipeline building, Union-friendly laws strangling shipping capacity, OSHA regulations shutting down entire refineries for months at a time, more EPA regulations mandating specific fuels for specific regions, and refineries eating into their profit margin to conform to even MORE EPA regulations, gas is expensive.