American energy producers are being incentivized to boost production, as high fuel prices, strong demand, and a tight supply chain at the start of the summer driving season raise the chance of increased profits margins this year, Bloomberg reported.
Global crude oil prices have been fluctuating between $100-120/bbl since the conflict in Ukraine erupted in late February, with average gas prices across the U.S. reaching record highs.
Operators are gearing up as quickly as possible to increase supplies of gas, even as feedstock shortages, maintenance problems, and the upcoming hurricane season threaten production.
Domestic refineries were already operating at an overall refinery utilization rate of 91.8 percent for the week ending May 13….