Global Fuel Stocks Plummet as Refining Capacity Plunges

Global fuel stocks are running perilously low, according to Big Oil's top executives. Shell, Exxon, and Chevron have all warned that prices at the pump will remain high due to a severe shortage of refined products.

The problem lies in refining capacity, which has been slashed by as much as 10% due to wars in the Middle East and Ukraine, China's fuel export caps, and Russia's ban on diesel exports.

Experts warn that the diesel supply crunch will have far-reaching consequences for the economy, with industries such as agriculture, construction, and mining heavily reliant on diesel fuel.