Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases stem from a tight refining industry.
OPEC members complain that US refining margins have soared in recent years, until they're three times higher than mark-ups other markets; while crude-oil prices have risen 5.1% this year, gas prices have surged 47%. Refiners counter that a cut in oil output by OPEC last fall hasresulted in the higher prices at the pump.