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Why Gasoline Prices Are Rising Today

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Refining margins in the United States hit $42.41 per barrel on Tuesday, more than double the five-year average for this time of the year, as refinery maintenance and unplanned outages reduce capacity while the global fuel market is tightening with the Chinese reopening and the looming EU ban of Russian fuel imports by sea.      The crack spread hit $42.41 per barrel this week, compared to a five-year average for January at $15.56, according to a Reuters analysis of dta from Refinitiv Eikon. The tightening global fuel market…

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