America and Europe face costs from refinery closures

Despite the abundance of oil, Europe and America are facing a fuel refining crisis due to refinery outages, leading to a shortage of diesel supplies and pushing prices to record highs. The problem stems from years of refinery closures and conversions in Europe and the United States, as well as the impacts of the Iran war and Ukrainian attacks on Russian refineries. These factors have increased dependence on imports and driven prices up, with European diesel hitting $200 per barrel and American diesel prices also rising. The ongoing decline in refining capacities and the surge in demand for petroleum products threaten the fuel market, prompting governments to coordinate efforts to rebuild refineries and reduce reliance on imports. However, implementing such measures quickly is challenging due to high costs and security commitments.

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