Global demand for U.S. energy is putting fresh pressure on American fuel prices as overseas buyers scoop up record volumes of crude, gasoline, diesel, jet fuel and other products, The Wall Street Journal writes.
The U.S. recently exported 14.2 million barrels of crude and refined products a day, the highest level ever recorded, as foreign markets look to replace supplies disrupted by the Iran war. That demand is helping drain domestic inventories at a time when U.S. producers are only modestly increasing output and refineries are already running near full capacity.
Diesel is especially tight, with exports hitting record highs and Gulf Coast fuel stocks falling nearly 19% from prewar levels.
Analysts say unusual trade flows, including exports from East Coast ports, show how strained the system has become. The Trump administration is trying to keep prices down through policy moves such as stockpile releases and trade waivers, but officials say they do not plan to restrict exports. The result: Americans may keep paying more at the pump.
The Wall Street Journal has the full story.
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