High fuel prices likely to linger with or without continued Iran war, Exxon and Chevron say

Exxon Mobil and Chevron warned that global supplies of diesel and other refined products will likely remain ‌tight and lead to persistently high prices in the coming months.

High fuel prices likely to linger with or without continued Iran war, Exxon and Chevron say | Seeking Alpha

imaginima/E+ via Getty Images

The

average price of gasoline in the U.S. has crept up above $4/gal, and Exxon Mobil (

XOM

) and Chevron (

CVX

) warned this week that

global supplies of diesel and other refined products will likely remain ‌tight and

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Quick Insights

How are refinery utilization rates impacting Exxon Mobil and Chevron profits?

High refinery utilization rates have led to large jumps in refining profits for both Exxon Mobil and Chevron.

What factors are causing persistent high prices for refined products like diesel?

Global refining capacity shortages, supply disruptions from geopolitical events, and low inventories are driving persistent high prices for refined products.

Why are gasoline prices becoming disconnected from crude oil prices?

Gasoline prices are increasingly determined by low storage inventories rather than by crude oil price movements.

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