US refiners are tracking toward record earnings for the June quarter as 12% of global refining capacity remains offline, including 15 Russian plants disabled by drones and crippled refineries in the Middle East. Independent makers such as Valero, Marathon Petroleum and Phillips 66 are selling into a starved market; Valero's refining margin rose from 72 cents to $1.12 a gallon in one quarter. The profits prompted Donald Trump to state that Exxon and Chevron are making too much money.
Tuesday, October 20, 2026
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Trump Drops Diesel Export Ban After G7 Agrees 100M Barrel Release
Commodities12 days ago
Diesel prices hit $6.20 a gallon last week, maintaining high costs for truckers and farmers across the US after reaching a record of $6.53 on Sept 21. To lower prices, the US government abandoned a proposed ban on diesel exports on Oct 2 following an agreement by G7 nations to release 100M barrels of oil into the global market.
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