Last year's price spike was largely the result of a shortage of refining capacity.
"Crack spreads" are higher than ever. But investors aren't interested in dumping money into fossil fuel expansion.
"Gasoline prices and diesel prices are going to be very high through the summer, potentially higher than they are today," says Bloomberg's Javier Blas.
The way U.S. oil refineries are set up has a lot to do with it.
Demand shot up this summer as people hoped to get out. Then Hurricane Ida stopped some production.
Houston’s refineries and plants are vulnerable to hurricanes. Will a $32 billion plan save them from flooding?
When hurricanes hit Texas, the whole country feels it. Now, there’s a plan to lessen the blow.
A combining of two smaller refinery operators show consolidation is under way.