This is a continuation of an ongoing thread with Dennis. If anyone wants to join in that is fine.
Dennis, where do I start with your last post on the thread?
Do you know who the refiners are? BIG OIL!
Refining capacity should be increased, but there is no incentive for Big Oil firms to spend a few billion dollars per refinery when all it would do is lower their profits. Look, oil companies just slap a fee over top of their costs. In the end, they make about 8 cents per dollar of gas sold. If gas costs more because oil prices are higher, that is fine with the Big Oil companies because they make more. If gas was a $1/gallon they would make 8 cents/gallon. If gas is $2/gallon they make 16 cents/gallon.
There is no possible financial incentive for oil companies to build more refineries or drill for more oil. You and I agree that it would be good to flood the market with more oil and build more refineries. The only difference in our opinion is that you seem to think Big Oil firms would actually do it when there is no possible financial gain for them to do so.
As for your unsubstatiated concern that the federal ban on offshore drilling would go into place if you fought to lift the ban on offshore drilling at the state level. That just seems like an excuse not to take action. As I have explained, there are financial reasons not to allow offshore drilling near tourist beaches - which is why you have many members of both parties against offshore drilling.
As for your suggestion that there are few oil spills that would affect beaches or coastlines - I think that is your basic proposition - it simply flies in the face of all of the evidence of dozens of spills that have happened over the last few years. I can tell you that if they started putting up oil rigs that you can see from the shores of Myrtle Beach, people would start to look elsewhere. And when that first spill actually happened - and it would happen - it would devastate the multi-billion dollar beach industry.
Finally, Obama took office with the Dow at 8000. We'll see where it is when the mid-terms hit. I have predicted multiple times that it will be at 10,000. We'll see where it is and how "anti-business" this administration is. Clearly this week Wall Street and the banking sector loved the Administration's plan to address toxic assets.