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
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