US refining oil at max pace, but still not enough
US refiners processed 17 million barrels of crude oil daily last week, the highest rate since September 2019, amid a historic fuel crunch. Despite this surge, US consumers are unlikely to see relief from rising gasoline prices, which are nearing $4 per gallon, as global fuel supplies remain tight due to ongoing conflicts in Ukraine and Iran. The situation poses challenges for central bankers aiming to control inflation while refining margins encourage continued high output.