[sammyg2]

Maybe because alot of the old wells are loosing production and
alot of new wells are in deep water and cost billions to build. Refineries cost billions to build. It cost's a heck of a lot of money to get the oil out of the ground, transport it, turn it into gasoline, and then get it to the gas pumps. It isn't cheap, it is just done with a small profit margin and mark up that keeps the price down. the economy of scale and careful control of costs also contributes to keep the price down.
$60 a barrel is a bargain.