We're currently importing 15 million barrels of crude per day. At $130/bbl, this equals about $712 Billion dollars for all of 2008. I seriously doubt the U.S. can continue hemorrhaging that amount of cash for too many more years...

Gasoline supplies on hand have been recently reported to be at a 14 year high. We're exporting a lot of ULSD (which is why diesel costs more than gas). We don't need more refining capacity.

Jim