The average price of gas in the United States today is approximately $3.25. The question is, why are gas prices not higher than they are?

Due to government regulation, the last oil refinery built in the United States was completed in 1976. In addition, the Middle East is politically unstable which leads to a risk premium on the world's major source of oil. It is obvious that the demand for oil has grown while supplies have been restricted. The average price of gas in the United States today is approximately $3.25. The question is, why are gas prices not higher than they are?