- ExxonMobil and Chevron warned that global refining capacity constraints will keep fuel prices high despite potential drops in crude oil prices.
- Ongoing conflicts in Russia and the Middle East have knocked numerous refineries offline, weakening the traditional link between crude oil and fuel prices.
Quotes
“High fuel prices are likely to stick around even if oil prices drop in the coming months as the wars in Russia and Middle East leave global refining capacity critically short”