China is further limiting global supply by restricting fuel exports, leaving US refiners to sell into a starved market. Although Trump told the industry it is making too much money, refiners are not building new plants because they expect the current demand boom to fade. These conditions have increased costs for trucking companies, farmers and families.
Tuesday, October 20, 2026
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US Refiners Hit Record Profits Following 12% Global Capacity Loss
Commodities12 days ago
Valero Energy grew its refining margin from 72 cents to $1.12 a gallon in a single quarter. Independent fuel makers including Marathon Petroleum and Phillips 66 are recording strong June earnings as diesel prices hit $6.53 a gallon, driven by the loss of 12% of the world's refining capacity. This shortage follows Ukrainian drone strikes that disabled about 15 Russian plants and conflicts that crippled refineries in the Middle East.
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