As refinery shutdowns and specialized fuel rules drive up California gas prices, Texas’ vast refining network and oil-friendly policies are helping keep fuel costs lower.
The state isn’t seeing a boom from the energy supply crunch. That limits the uptick in tax revenue that comes from higher prices, and makes employment unlikely to see a big boost.
Americans still buy a lot of big pick-up trucks. On top of that, the Trump administration ended subsidies for electric vehicles and stopped enforcing fuel efficiency rules.
Years of investment on the Gulf Coast helped turn the U.S. into the world’s largest LNG supplier. Now that the war has upended the global industry, conflict could shape future investment and demand.
Global oil inventories are buffering consumers from the full force of the supply shock, but analysts warn that reserves can't be drawn down indefinitely.
