From what I have read, drilling has nothing to do with it. Supposedly it’s refining capacity that’s the problem. We have enough oil, they just can’t turn it into gas quick enough. So they say. It’s obvious also that Americans and the world are using a lot more energy than before. And finally, I have to assume pretty much whatever they do on the subject in DC favors the wrong ppl.
Only the last 3 months and the run up from ~$2.40 a gallon.
In the long run, oil prices are still the biggest impact on gasoline price.
The extended refineries outages this spring, combined with the increased demand in spite of higher prices has caused gasoline prices to surge without a run up in crude oil price.
But now gasoline production and gasoline imports are rising.
Demand is still climbing, but not as fast.
It takes quite a lot of time to build new refinery’s and even then you have to get the wacko enviromentalist permission to do so.