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States, we have lost one third of the refining capacity in the last 18 months. megyn: why? >> because of epa rules largely. and also, we haven't built a refinery in 30 years. they're aging. some have to be taken off line. there's a big remainry near philadelphia. it could close in july. that would mean half the refining capacity in the northeast has gone away. megyn: that's an interesting -- is that what -- i read the demand nationwide is down to 15-year lows so we're demanding less gasoline, yet the price is going up. does it relate to this refinery has concerns that the oil and gas isn't goi...

23 years of oil analysis, i own companies, i did business in the oil industry. they are making more money this very second than they've ever have in 23 years. >> greta: if the united states were to drill more oil the prices would come down. what is not going to happen overnight even if there is a decision to do that. what is going to short term, bring those prices down, if anything? >> one would be drilling. if we had this discussion 2 1/2 years ago the last time oil spiked we wíy9(q seeing those barrels now. when george bush lifted the moratorium on offshore drilling prices for the barrel we...

Not make sense. if their heart was in it to help us, they would be running at a much higher rate. what do you say? >>guest: well, each year they have to retool their refineries to move from the winter blend to the summer blend of gasoline so they have to run at a lower rate and the other problem they are more efficient doing things more environmentally and getting more gallons of gasoline from that same barrel of crude and they have increased production last week dramatically as they come out of maintenance season and that should be good for gasoline prices in the future. if the refiners wante...

Plenty of crude oil in supply, and, sitting in various forms of stockpiles in the u.s. it's not a crude oil problem, it is a gas refining problem and you want to make the price of gas go down tomorrow? tomorrow? here's the answer. the epa has to lift all of the restrictions on various blended gas leans and it gets wonky here, but there are 20 to 25 blends required by the epa, a summer blend, winter blend, chicago blend, west coast blend, east coast blend and give us one gas and lift restrictions temporarily, and price of gasoline will tumble, because, refiners will know what to blend and can a...

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