Gas Prices Hit Record Average of $4.59

The video discusses the record high gasoline prices in the US, particularly in California and Hawaii, and explores the underlying issues beyond just high oil prices. It delves into refining margins, specifically the 321 crack spread, which indicates the profitability of refining crude oil into gasoline and distillates. The video also highlights the challenges faced by American refiners in converting crude oil into usable products, questioning their capacity and incentives amidst high refining margins.

Discuss the impact of refining margins on gasoline prices as mentioned in the text.

What question does Javier Boss raise regarding the production of distillates?