This is great. The drop in capacity from March through August of this year is a bit concerning, but certainly not at historical lows (although I wonder if a tou

This is great. The drop in capacity from March through August of this year is a bit concerning, but certainly not at historical lows (although I wonder if a tough labor market is precluding some of that capacity from coming online). Another issue to consider is that gasoline isn't a generic commodity across the United States. California always has the headliner numbers for the most expensive gas, namely because they require their own formulation which only local refineries produce (last I recall, maybe some out of state refineries produce it as well). California is the most egregious example, however there are other states with boutique gasoline requirements -- see https://www.api.org/-/media/Files/Policy/Fuels-and-Renewables/2016-Oct-RFS/US-Fuel-Requirements/US-Gasoline-Requirements-Map.pdf https://www.api.org/-/media/Files/Policy/Fuels-and-Renewable.... It adds another wrinkle to "increase oil > use excess refining capacity" narrative.