Uh, I'm college educated, too, but I think you're missing a couple of points.
1) Supply and demand does account for some of it. 2)Greed and speculation (read "young hotshots sitting at commodities desks in investment banks vieing for career advancement on the basis of their trades") accounts for more. 3) You left out the weak dollar, with all its causes, which only exacerbates the effects of 1 and 2.
Don't leave out the green and NIMBY factors. Those, to me are the most exasperating. How many soccer families run big SUVs, but like to think that at their core they are environmentally responsible (worse yet, couldn't imagine being seen as anything else!), and so support cleaner fuel while opposing the building or expansion of refineries? My observation says, "A lot of them."
1) Refinery capacity -- few if any new refineries in this country in years, and severe obstacles to any plan to expand capacity in esisting facilities. 2) For years we've heard about loss of capacity attributed to shutdowns for conversion from summer to winter blends of gasoline. We now face the same issues on #1 and #2 as refineries adjust to the new ULSD which, quite apart from it's effect on road diesel, has effected the pricing of off-road diesel and home heating oil.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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