Here is a look at what’s pushing U.S. gasoline prices to record highs. The EIA expects that to increase to around 8.9 million barrels a day, on average, this year and next. As fuel demand crashed during the pandemic, refiners around the world permanently closed older and less profitable plants. Despite a resurgence in fuel demand, refining companies’ views on demand’s long-term trajectory haven’t changed. Many energy analysts and executives believe high fuel prices will persist for the rest of the year and may even get worse.

Source: Wall Street Journal May 28, 2022 21:32 UTC