Not as fast as you'll hope. There is undoubtedly long-term refinery damage, there was absolutely zero excess refinery capacity the way things were here, and there's precious little excess refinery capacity worldwide.
The two-week relaxation is totally insufficient, but it will buy time to explain the issue to the American public. And the relaxation can be extended. Let the enviros scream - the American people will witness first hand how extreme and ridiculous they are.
I am TV-challenged, but I hope that Bush and his team (ie, Chertoff et al) are taking control of this matter, because the LA officials are not up to the task.
The perception is out there, however wrong it is, that Bush is in bed with the oil companies.
He had better have someone looking hard and fast at some of these price increases and bringing out federal prosecution for any involved in hiking prices without merit.