Price of gasoline

Published 5:51 pm Tuesday, February 21, 2012

To the Editor:
We are all concerned about the price of gasoline, so I wanted to know why it was getting so high.
The simple explanation is that it isn’t due to a shortage of oil but to a shortage of refinery capacity.
The production of oil in the U.S. is at an all time high and the price of West Texas Crude is currently about $20 a barrel cheaper than the imported oil used on the east coast.
Because of this, the oil companies are shutting down less profitable refineries using the more expensive imported oil.
There are currently three refineries in Pennsylvania and a large refinery in the Virgin Islands either closed or being closed.
We need more refineries open and operating but, when profit is more important than keeping prices low, we feel the result.
– Jerry Hardvall, Tryon.

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