Exxon, Chevron warn fuel prices to endure as war knocks refining

ExxonMobil and Chevron Corp. have warned that high fuel prices are likely to persist, even if crude oil prices fall, due to global refining capacity shortages caused by ongoing conflicts in Russia and the Middle East. Nearly 10% of the world's refining capability is offline, leading to record-high fuel-making margins for refiners but increased costs for consumers. This bottleneck is evident in rising gasoline and especially middle distillate prices, with little room for error in the highly utilized remaining refineries.