You are right. To expand on your number three. Until Bush, as Govenor of Texas gave them a waiver refineries couldn't implement upgrades unless they brought them up to 100% EPA standards, so a 70% improvement was sacrificed because it was not cost effective to pay for the 100% improvement. If Bush hadn't granted waivers to the Texas refineries the supply situation would be even more critical than it is today.
As an earlier post explained we have not built a new refinery for 27 years, ROI is lousy, NIMBYs prevent any increase in existing capacity. Added to the fact that we are not building enough electricity generating capacity and our natural gas supply is about to go critical, we are headed for an energy supply crunch in the not too distant future.