Rising demand since the recovery and reopening of the economy, coupled with insufficient refining capacity and the distillate market, has driven U.S. product inventories to below seasonally average levels. There is no quick fix for high fuel prices, whether in the U.S. or elsewhere. And the quickest solution isn’t what American consumers want — a recession that would lead to job losses. I think the fact that the U.S. government will not be able to build refineries in time to alleviate gasoline and diesel shortages will set the stage for an oil shortage crisis in the U.S. this summer.
