Dr. Hirs' professional assessment of the economic situation is that Delta is "stupid".

I always thought that clinical psychologists were better at diagnosing "stupid" rather than economists. Maybe he consulted one before making this report.

"Edward Hirs, a professor of energy economics at the University of Houston, says he can think of one reason why Delta would try to get into the refining business: “because they’re stupid.”"

"The last thing I would want to do is buy an old refinery in the Northeast from someone that knows how to run it,” Hirs says.". Or one could say, "the last thing I would want to do is buy an airline in Texas from someone who knows how to run it" (i.e., American).

Why Buying A Refinery Could Be A Disaster For Delta Air Lines (Even With JPMorgan's Help) - Forbes

Maybe Dr. Hirs should talk to this guy about very limited refining capacity in the US which is helping cause fuel prices to soar in the Northeast.

As refineries close, experts say U.S. gasoline shortage may strike during peak driving season | NJ.com

Momma always said that stupid is as stupid does.