Americans are going to have to pay more for Longer even with Trump’s term average fuel prices exceed Biden’s term. Refineries have taken and beating around the globe and will take years to rebuild if ever. To bad our air defense systems in these countries has been rather ineffective and neutralizing Iranian $10,000 dollar drones.
https://oilprice.com/Latest-Energy-News/World-News/Global-Refining-Crunch-Could-Keep-Fuel-Prices-High-Into-2027.amp.html
“Damaged refineries in the Middle East and Russia and insufficient capacity elsewhere to offset the supply disruptions will likely keep global fuel prices elevated into the next year, analysts say.
Bapco is gone, the GTL Qatar is gone, Russian refineries are gone. It will take years to build them back and bring them on board," the expert said.
"Crude is surplus globally, but there is no refining capacity available to refine it and bring it to market," Agarwal said, echoing other experts who say that the fuel - especially diesel - markets show the real stress in the oil complex.
Refinery crude throughputs in July remained nearly 5 million barrels per day (bpd) below year-ago levels, at 80.9 million bpd, "with capacity elsewhere in the system currently unable to offset product supply bottlenecks," the International Energy Agency (IEA) said in its monthly report in August.
"We have 7 million barrels a day of refineries down in Asia and the Middle East and another 1.4 million barrels down in Russia. And the refineries, depending on the damage and the ability to get spare parts, are going to take a good long time to get back online," the executive added.
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