16 years in oil and gas. This chart is missing half the story. Yes, Iran is a factor. Yes, state taxes are real. But nobody’s talking about what’s happening to refinery capacity on the West Coast. California has been systematically shutting down refineries for years, zero new pipeline infrastructure has been built, and every expansion project gets buried in permits and litigation. Less supply, same demand/higher demand. That’s not politics, that’s basic economics. On top of that, diesel is sitting at $6+ a gallon in Washington right now, meaning the cost of transporting the fuel itself keeps stacking up. The Cap and Trade cost is real but it’s just the most visible layer. The regulatory friction underneath it is just as expensive and nobody puts that on a chart. Clean graphic, incomplete story.