Oil’s down, gasoline isn’t. What’s up?
CFACT contributor Marita Noon points out that the recent drop in crude oil prices has not been felt at the gasoline pump, largely thanks to unplanned shutdowns at numerous aging refineries that -- thanks to counterproductive government regulations -- cannot be replaced or even significantly upgraded at any reasonable cost. Indeed, the last time anyone built a new oil refinery in the U.S. was 1977.