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The prices demonstrate yet another pinch point in the global energy industry system caused by the effective closure of the Strait of Hormuz.

U.S. federal and state officials are lining up with the oil industry to support a plan by Phillips 66 and Kinder Morgan to deliver gasoline to California.

The pipeline project will carry fuels from as far away as the Midwest to augment supplies sent by refiners in Washington state and Asia. 

The ability to buy heavy crude at cheap prices is set to improve in the second half of the year as Canadian and Middle Eastern production rebounds.

The world’s supply lines for cargoes of oil and fuel, which typically crisscross the globe, are about to get redrawn thanks to U.S. President Donald Trump’s sweeping tariffs.

The Biden administration on July 14 rejected more than two dozen oil refinery requests for exemptions from U.S. biofuel-blending requirements.

Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even if the world’s biggest exporters pumped more crude.

After several years of plant closures and conversions to make renewable fuel, the pressure on American refiners to shut down excess capacity is easing as gasoline demand nears pre-pandemic levels and supplies dwindle.