"Jay Honeck" writes:

When it is profitable enough then more refining capacity will be built.
On
the production side, the market is telling you that it is not very
attractive to drill at recent prices.

I was under the impression that restrictive EPA regulations had essentially
halted new refinery construction?

Caveat: I know as much about the refinery business as Jay ;-)

EPA regulations don't "halt new refinery construction." Their
safeguards no doubt make it more expensive. My guess is the same as
an earlier poster: until the price of gasoline rises enough to pay for
the extra costs, new refineries won't be built. It's pretty simple.
Awww, now we can't fly our toys for cheap.

Don't like it? Write your representatives and vote. Or move to any
3rd world country where the same multi-national corporations regularly
destroy the surrounding environment and have periodic disasters with
their equipment, killing people and causing further damage. It's not
that they're particularly evil or even greedy, they're just doing
business according to the local rules. Ours are tougher.