What’s New
Why some fuel markets are tighter than others.
The closure of the Strait of Hormuz is putting pressure on global oil and fuel markets. In the United States, our refineries are running hard to meet demand but supplies are tighter in some areas of the country that have fewer local supply options and limited ability to quickly bring in fuel from other regions.
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.
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.