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That’s called supply and demand - global refined product demand is at/above pre-Covid levels, global refining capacity has been reduced (partly due to Russian w

• Throwawayaerlei 4y ago
  For a few more details, US refinery capacity is down 5% or 1 million barrels per day from pre-COVID figures, so once the economy started unfreezing from that demand exceeded supply. Worldwide it's 3 million bpd. For the US, a significant part of the loss in distillate production was being made up by imports from Russia, which of course have been ended by sanctions. Aside from undoing the sanctions, there's physically no way to fix this in the medium term aside from demand destruction from a recession or worse. In the medium to long term oil companies are not going to make major investments that will never be paid back because of anti-fossil fuel policies.