It does.

Paper means your refinery will loose money because it pays more for oil and price of gas won’t go up to match.

Majors own their production, and already have lower cost per barrel.

They don’t care Delta’s boutique refinery had to pay more for light sweet crude, or shutdown.

If the majors run the price of gasoline up to where Delta’s refinery can make money overpaying for Middle East oil, then it would curve demand down for themselves.

They won’t give up profitable market share because independent refiners can’t find oil to buy.

Their refineries will run wide open max production all year. Throttling a refinery back cost more then just lowering gas prices, because they own their own oil and it has to go somewhere.

Using paper prices means the airline with the highest CASM sets pricing for the whole industry and everyone profits because loads can’t or won’t go down.