5.07.2007

Why are gas prices at $3 per gallon in the US? Because we lack the political will to do what must be done: Build more refineries in the United States

From the AP:

Gas prices have been driven higher in recent months by a slew of unexpected refinery outages and shutdowns in recent weeks. News Thursday that BP PLC's 400,000 barrel-per-day refinery in Whiting, Ind., will not be operating at full capacity for several months due to unexpected repairs is just the latest in a string of such announcements.

The outages have been reflected in weekly government data which has shown gasoline inventories to be falling during a season when most analysts think they should be rising. Summer driving begins Memorial Day weekend, and analysts worry refineries won't be producing enough gasoline by then to meet demand.

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