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Commodities

Crude Prices vs Pump Prices: ExxonMobil CEO Points Out Disconnect

Guavy AI Editorial Team
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Oil
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ExxonMobil CEO Darren Woods pointed out that there is a significant disconnect between crude oil prices and what consumers are paying at the pump. According to him, this discrepancy is not due to the cost of raw crude but rather global refinery constraints.

In an interview, Woods emphasized that refinery limitations and shipping tensions are driving up gas prices, rather than the price of crude itself. This implies that as long as crude oil prices remain stable, gas prices may continue to rise due to these external factors.

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