Red, I hear what you're saying, and you're making some good points. BUT (there's always one ) you're not taking into account artificial market constraints. The people who run the refineries have been trying to build new refinery capacity for 15 years, and every time they do, the Audobon Society and the rest of the usual suspects gangs up to strongarm some judge into issuing a legal ruling to block the construction. Or the EPA yanks permits for no good reason. Or a bunch of other hamstring efforts. I agree with your reasoning, but you're overlooking some critical external factors that are preventing market forces from operating properly.