US fuel prices have surged in recent weeks
Biden clashes with US refiners over fuel prices
Attacks on the downstream fail to weigh capacity losses
Road fuel prices in the US have surged in recent weeks, just in time for driving season. But accusations from President Joe Biden that the domestic refining sector is flunking its “patriotic duty” through post-Ukraine invasion price gouging fail to tell the full story. For weeks the president has ignored reality on the ground, demanding oil producers increase supply and refiners raise spare capacity. This is despite downstream utilisation rising to 95pc by the end of June, the highest level since 2019 and arguably unsustainable for long considering maintenance and downtime needs. “It is obviously a very tight inventory situation,” says Mike Hennigan, CEO at Ohio-based refiner Marathon Petrol
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
