We're swimming in oil, but they're still shutting down refineries, hence less gasoline, higher prices.

So drill drill drill will give us lower gas prices??? I think NOT

They took a loss on the usual winter profits.
Have to make that loss up somehow.

They're using that 'trickle down" method to recover their loss on the warm winter season.
Trickled right down to the gas pumps

It is "what the market will bear".

The rule of the colluding oligopolies. It's a sellers' market.

Back in the 1970's, companies got in the habit of raising prices as sales fell.

It caused an economic monster called 'stagflation'.

withheld product from the retail market to drive up prices and created a sense of national crisis under cover of a carefully manipulated international confrontation.

Remember the lead-ins to the Nightly News of that era, such as this one from ABC marking the 100th Day of the Hostage Crisis? (GO TO 4:40)

TO possibly as low as $3.70 or $3.75...dam what a bargin...They all lie..and liers in the real world are hell bound

Places like the Bakken field out of North Dakota, or various Texas deposits.

The reason the extra oil on the markets won't cause the price to decline much if at all is that the sources of this oil are more and more expensive to produce. Shale oil isn't even profitable at much below $70/barrrel or so, the same with tar sands from Alberta. If the price of oil ever fell below the break-even point, oil producers would shut down wells and supply would crater until prices rose enough to justify re-opening the wells. You don't even have to point to manipulation or speculators; we've used up the cheap oil and now we're sucking out the dregs left at the bottom, and those dregs are labor-intensive to get out.

We're reaching the end of the line with fossil fuels, and the ride's about to get a lot wilder.

to make the Tar Sands mash moveable on the world market. This lowers the value of the Bakken Oil but makes plenty of greedy bastards along the way very wealthy