Fuelmakers Ramp Up Refining Activity Amid Global Energy Shortages

US fuelmakers are operating their refineries at the fastest pace since the Iran-US conflict erupted. According to the Energy Information Administration, last week's processing rate of 17.4 million barrels of crude oil per day surpassed a previous wartime high set in late July and any point since September 2019.

This surge in refining activity is part of an effort to meet global demand for diesel, jet fuel, and gasoline. The US-Iran conflict has put pressure on the global energy market, leading fuelmakers to increase production to keep markets supplied.