Record U.S. Refinery Runs Fail to Ease Global Fuel Crunch

U.S. refineries are producing the most gasoline and diesel since before the pandemic lockdowns, refining margins are running at record highs, but the world is still short on fuels.

And it would take a while—and maybe a peace deal in the Middle East—before the situation changes.

Fuel shortages are the more important oil crisis because it is fuels that the world consumes, not unrefined crude oil.

Yet ever since the U.S. and Israel launched their first strikes on Iran at the end of February, it is crude oil prices that have been hogging…