Even though this represents a small percentage of our total oil consumtion, just watch gas prices shoot up even more....
There was an interesting article in today's paper. It indicated that high gasoline prices are not completely caused by the record oil prices. The article indicates that refineries have increased their "margin" by nearly 90% over just the last couple of years. Where margins usually decrease when raw materials get more explensive, the oil industry/gasoline business has gone down a different path - increasing the margin along with the increase in crude oil prices... thus dramitically elevating the cost to consumers....
It is all moot in any case, as gas prices are determined by the market, not the refiner. They roll with the flow.
If it costs more to make it then they get for it, they eat it. Just as they did for some ten years when oil was at 10-14 $ per bl.