Trump's Gas Price Gamble Falters as Refining Capacity Crisis Deepens

The US average gas price has been over $4 per gallon for months, up more than 90 percent from last year. President Trump's administration is trying to lower prices with a series of actions.

This includes securing more crude oil from Venezuela and exempting refineries from renewable fuel mandates. The president summoned refiners to the White House recently, but they left without making any public statements.

The 'crack spread,' which measures the difference in price between crude oil and refined gasoline and diesel, has reached an historic high of over $70 per barrel. This indicates that the market for refined products is unstable, with oil companies profiting from the high prices.

Many refineries have been operating at almost maximum capacity for weeks, deferring maintenance to take advantage of the soaring prices. The administration's efforts to lower prices are unlikely to succeed because there isn't enough refining capacity to make gasoline from available oil.