What’s New
Summer driving season is here and gas prices are already under pressure
Every year, just around Memorial Day, we start getting questions about gas prices and why they are more expensive in the summer. This year, tensions involving Iran are making that question feel more urgent.
Why the conflict in Iran is driving up fuel prices everywhere
The closure of the Strait of Hormuz has shocked the entire global crude oil and fuels system and pushed up prices everywhere, including in the United States. The United States is better positioned than most because we produce and refine a large share of our own energy, but prices are set in a global market, so U.S. consumers still feel the impact.
Issues and Policies
18.6 million
U.S. refining increased to more than 18.6 million barrels per day, almost 20% of global capacity.
$185 billion
Petrochemical manufacturers have invested $185 billion to expand operations to meet growing demand.