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Some have been surprised by recent refining margins, earnings in the refining sector and a seeming disconnect between finished fuel prices and prices of crude oil. There’s a reason for this: in short, while the price of crude oil is the biggest factor determining fuel prices, it’s not the only factor, and there’s particular tightness in the global refined product market which hadn’t been the case until recently. Take a look to see what several analysts, reporters and market experts have explained about this topic.

Supply disruptions tied to the Strait of Hormuz have renewed questions about U.S. energy security and why events halfway around the world still affect energy markets here at home. While we are the world’s largest crude oil producer and make more than enough gasoline, diesel and jet fuel to meet domestic demand, we still import and export both crude oil and refined products.

U.S. refiners play a critical role in moments of supply/demand imbalance. Thanks to their scale, complexity, efficiency and global reach, American refineries keep fuel flowing efficiently here at home while also supplying much-needed gasoline, diesel, jet fuel and other products to our allies abroad.

Gasoline and diesel prices are front-of-mind for Americans, and people are understandably interested in whether there’s a connection between higher pump prices (which refiners do not set) and higher profits in the refining industry. That deserves a deeper dive.

Safety is priority one for refiners and petrochemical manufacturers. Every day, our industries operate in complex, high‑risk environments where careful planning, clear communication and shared accountability are essential to keeping people safe. One of the most effective ways companies reinforce that commitment is through a long‑standing practice known as Walk the Job — a successful practice that helps ensure work is done safely before it ever begins. afpm

Hurricane season officially began June 1 — and while early forecasts point to a “below normal” Atlantic season, there’s no such thing in our industries as taking a season off. Forecasters are calling for just one to three major hurricanes and three to six in total this year, a relatively modest outlook by recent standards.

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.

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.

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.