This is going to be a short post because I just wanted to bring to light the main reason gasoline in the United States is so expensive compared to what it was at just a few short years ago.
Did you realize the last refinery built in the USA, in Garyville, Louisiana, began operations in 1976. 32 Yeas ago! And boys and girls, and those of you who have yet to make up their minds, that is the youngest oil refinery. Most are older than that, are already working at near 100 % capacity, and are using antiquated technology. Everyone wants cheaper gas, but no one wants the refineries built "in their own back yards."
Also, refineries aren't really that big of a money maker. My research turned up the fact that it costs roughly between $2billion and $4billion to construct and bring online, and that the return on equity is only about 5%. You can make more money than that investing in Treasury Bonds!
We don't need cheaper oil (well, granted it would help a little). What we need is more oil refineries to process the oil we've pumped out of the ground now.
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