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Originally Posted by cbrenthus
Well, that is true.
Still, I don't like seeing the government pointing fingers at oil companies when they colllect less than the taxes on the gas.
I also wouldn't be surprised if one of the reasons for record profit is the fact that gas refineries haven't been allowed to expand for so long. So there loans from building 40 years ago are paid off and there isn't anything to put money into. Whereas if they could build more refineries, than they would be putting some of the money back into producing gasoline. I don't know this for sure, just theory on my part.
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You have hit it right on the head right there with the number of refineries that were closed the gas prices went up. They did a report on this a few years ago saying that 12 years ago there were over 300 gas refineries in the us and 10 years ago that number was down to just a little over 100 and there is no heavy oil refineries in the US anymore and if there was we wouldnt have to buy the expensive oil from the middle east we could buy the cheap stuff from countrys in south america.