As I understand it, refining is actually a pretty low-margin business,
which tends to discourage investing in one iota more capacity than you
can sell tomorrow.

Right -- and why do you suppose that is? It certainly didn't used to be.

Let's see. The price of crude is sky high. Oil company profits are sky
high. Yet oil refining is a low-margin business. Hmm.... What's going on
here?

Can anyone say "Regulatory Insanity"? That industry can't fart without
filling out reams of EPA paperwork, in triplicate. And each one of those
forms is filled out by a very highly paid person -- that you and I are
directly subsidizing at the pump.

So, in my mind the high price of gas is the best way to spur
conservation. The government could mandate things but all of us as
individuals will figure out better and cheaper ways on our own. I would
not support a tax increase however, because I don't support increasing
the size of government, period.

True enough. But what a stupid time to have this happen, when there's a
real surplus of oil on the market.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"