Warren isn’t stupid. Refining capacity is still at historic lows in the US and he should make a fortune off of this at some point. The only question is, when he does, will he voluntarily pay ordinary income tax rates on the sale rather than capital gains so that he pays more tax than his secretary?
False. It has been slowly climbing for decades.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MOCLEUS2&f=M