Environmental Protection or Low Gas Prices?

Pundits and other environmental critics say that gas prices are high because environmental regulations have prevented a new oil refinery from being built in the U.S. in 30 years. Critics also believe that increased use of oil in China and other countries is leading to limited supplies, which is contributing to high prices. Are you ready to get used to $3.00 per gallon gasoline? Drilling is also limited in the U.S. (Much of Alaska, federal lands and offshore are off limits) The Booker Rising Blog features one perspective:

WALTER WILLIAMS (Pictured Above) COMMENTARY: Gasoline Prices
The libertarian economics professor argues that when asking if gasoline prices are too high, we must ask relative to what costs?