There are huge barriers to entry. A marginal barrel of oil might “cost” $1 coming out of the ground. If you use 50 barrels refining it and getting it to market,

There are huge barriers to entry. A marginal barrel of oil might “cost” $1 coming out of the ground. If you use 50 barrels refining it and getting it to market, you can still make a profit if that barrel costs the end user $51.