The price of fuel across the United States surged faster than crude oil prices in the last month, leaving Americans still paying more at the pump.
The skyrocketing price of fuel comes as the United States has shipped more refined products like gasoline, diesel, and fuel oil, abroad to supply European markets following Russian President Vladimir Putin’s invasion of Ukraine in February, further tightening the market.
Disruptions to global energy supplies since Russia’s invasion of Ukraine and subsequent sanctions on Moscow by the west have already impacted global gas prices.
U.S. refined product exports have averaged 6.3 million barrels per day (bpd) in the past month, verging on the fastest rate of export in U.S. history.
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