Refining margins in the United States hit $42.41 per barrel on Tuesday, more than double the five-year average for this time of the year, as refinery maintenance and unplanned outages reduce capacity while the global fuel market is tightening with the Chinese reopening and the looming EU ban of Russian fuel imports by sea.
U.S. President Joe Biden escalated the rhetoric against oil companies on Wednesday, telling them in a letter to produce more gasoline and lower gasoline bills for American consumers.