Myth:  The U.S. is not investing in new oil refining capacity, and that is pushing gasoline prices higher.
A Texas oil refinery
Evidence:  It is true that no new major refineries have been built for decades in the United States.  But the more important number is the operable capacity of a refinery-the amount of crude oil that potentially can be processed by a given number of refineries.  That number has steadily grown since the mid 1990s because refineries have expanded within and around their existing locations, rather than buildings new refineries. In 1995, U.S. refineries had the capcaity to process 15 million barrels per day; in 2008 the capacity stood at 17.6 million barrels per day.

Refinery activity does affect motor gasoline via capacity utilization:  that fraction of operable capacity that actually is in use. Refinery capacity utilization has risen from about 78 percent in 1985 to more than 90 percent today.  Higher capacity utilization usually means that demand is pressing up against available supply, which increases prices.  It also means that when the refining industry experiences unexpected shut-downs due to weather, fires, power failures and breakdowns, prices can rise sharply.

Verdict:  False.