All articles tagged with #refining capacity
Trump will meet with U.S. oil refiners and distributors to push near-term steps to expand domestic refining capacity and lower gasoline prices, including leveraging more Venezuelan crude; the White House says the effort aims to translate its energy-dominance agenda into pump savings amid midterm concerns and ongoing global refinery constraints.
A tightening global refining capacity picture driven by wars in the Middle East and Ukraine is keeping gasoline prices stubbornly high even as crude oil retreats; crack spreads have surged, boosting U.S. refiners’ profits, with Labor Day pump prices potentially hitting records and fall demand likely to ease prices only modestly if the refining bottleneck persists.
Oil prices jumped above $90 a barrel as renewed US strikes on Iran and Iranian attacks in the Gulf raised war‑risk concerns; Brent briefly touched about $91 while WTI rose toward $84 before retreating. US gasoline prices topped $4 a gallon per AAA, underscoring domestic pressure even as refining margins tighten with about 2.1 million barrels per day of capacity offline. Shipping through the Strait of Hormuz fell to a three‑week low, and analysts warn the conflict could widen, even as mediators seek diplomatic progress.
Gasoline is projected to reach about $4 per gallon in the next 7–10 days as surging oil prices and shrinking refining capacity tighten US supply; current pump prices hover around $3.87/gal, with diesel possibly near $5/gal amid geopolitical tensions in the Strait of Hormuz and disruptions to Russian refining.