Oil refiners claimed that because regulations had prevented them from building needed refineries, they could not produce the gasoline necessary to keep up with demand (and thereby mollify the price increases)?
Well, now look at what the refiners are doing:
So now they are storing oil or selling it to traders, or retooling their refineries to produce less gasoline and more products with better profit margins, like heating oil, diesel or jet fuel.
Doing so allows the manufacturer to manipulate supply, thus managing prices to a level which the producer’s desire to produce is appropriate.
How does the current policy structure, which has a goal to produce energy at prices that support economic growth, react?