There has not been a new greenfield refinery opened in this country since 1977, due mostly to federal and state regulatory burdens. Older refineries are being permanently taken offline (two so far that I have read about this year, others in the northeast in recent years). Fewer oil field pipelines to carry oil to shipping points are being approved, forcing drillers to truck oil to major pipeline head ends or even to refineries.
Given those and other factors, I wonder if we may have finally entered a phase where POL prices will only rise in the future?