My understanding of the high gasoline prices in US is that its partly or mostly related to a drop in Refining Capacity that occurred in 2020 and beyond. You don't decide to lose refining capacity overnight, certainly not over a temporary drop in demand given how costly and how much time it takes to increase capacity . Not unless you know your competitors wont follow suit.
Refinery Capacity Woes-Another Black Rock Caper?
Refinery Capacity Woes-Another Black Rock…
Refinery Capacity Woes-Another Black Rock Caper?
My understanding of the high gasoline prices in US is that its partly or mostly related to a drop in Refining Capacity that occurred in 2020 and beyond. You don't decide to lose refining capacity overnight, certainly not over a temporary drop in demand given how costly and how much time it takes to increase capacity . Not unless you know your competitors wont follow suit.