"Valero believes there will never be another refinery built in the U.S.," spokesman Bill Day told IBD. He cited costs, environmental regulations, neighborhood activism and lawsuits.

"For a new refinery, it would take five years for a permit and five years for construction, and it's very expensive. A company would have to know it would pay off."

Given these conditions, is it any wonder companies such as Valero are looking for friendlier climes?

The laws by which Congress hamstrings energy producers have had the lethal effect of slowing down the economy while driving up prices. It's high time for measures that do just the opposite.