re: Get ready for $5-a-gallon gasoline

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nearly 2.0MM barrels of refining capacity have permanently come offline during past 3 yrs, so higher fuel prices are pretty much institutionalized until more is built, and not at all likely with existing administration. No CEO in the world would invest in new greenfield capacity during the past few years or they would be fired by the board. Stockholders demand nearly 40% hurdle rate for capital projects or they want dividends and buybacks. There is carte blanch refusal to spend capital in Cali btw so no relief coming for them.

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