Refining Shortages Fuel High Gas Prices as Chevron Warns of Ongoing Constraints

Chevron and ExxonMobil have warned that global refining shortages are contributing to high fuel prices. The companies point out that conflicts in Russia and the Middle East are disrupting supply chains and reducing capacity.

Chevron's CEO expects tight fuel markets and supply constraints to persist into the third quarter and beyond.

The refining shortages highlight a physical bottleneck that affects pump prices and sector revenues, even if crude oil trades at a stable price.