Thanks to a global economic slowdown, the price of oil has plunged 60%—to $40 a barrel from $96 in August 2014. Yet the price of gasoline across the U.S. has fallen by only 25% over the same period. What gives? Multiple and overlapping regulatory barriers prevent refiners from moving to alternative sources of crude and from entering markets to fill supply shortages. The result: a regulatory price premium in every gallon of gas.
Though commonly known as commodities, oil and refined fuels are increasingly design-specific…
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