Diesel shortage persists amid price pressure

The article discusses warnings from ExxonMobil and Chevron about the ongoing global shortage of diesel and refined petroleum products, which raises expectations of higher prices in the second half of 2023. This is attributed to disruptions in crude oil flows caused by the war with Iran, declining fuel inventories, reduced Chinese exports, and the shutdown of some Russian refineries, all of which have led to higher refining margins and increased profits for the two companies in the second quarter. The average price of gasoline in the United States has surpassed $4 per gallon, adding to the pressure on consumers and increasing political tensions as the midterm elections approach. Although American refineries are operating at their highest capacity, shortages and disruptions in certain supply sources hinder the ability to meet demand, with warnings that refinery challenges are likely to persist for a long time.

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