Of course I have heard of the commodities market... Regardless of the price of crude, there are many ways to handle the accounting of refining operations. The oil companies have oil they receive from existing contracts and that they buy on the spot market.
They refine the crude and come up with an optimum product mix from that crude. And, they set their prices for this mix based on the (1) commodities prices of the feed stock, (2) the cost of their total overhead including refining operations, and (3) what the market will bear. They are in it to make money, not to subsidize goobers driving 400 hp SUVS.
Do we more or less agree;>)