Attention world: now hear this!
Gasoline prices are high not because of a shortage of oil, but because of a shortage in refinery capacity. Oil companies want to reduce inventory and maximize profits, and in the long run it’s more cost effective for them to have higher gas prices and reduced expenses from shutting down refineries.
Case in point: Shell Oil is shutting down a Bakersfield refinery that supplies 2% of California’s gasoline. Why? Because they can…