07-27-2026, 03:45 PM
There's a global shortage of refining capacity, so that will likely keep gas prices up for quite sometime. If you track the price of a barrel of crude, it's not "accurately" reflecting the price of gasoline due to this shortage. As Paul Krugman recently noted in his column "Quagmire of the Vanities" dated July 24,
"...The overall “crack spread” — the difference in price between a barrel of crude oil and the price of the products into which that barrel is refined — has exploded, from around $25 a barrel before the war to more than $65 now..."
"...The overall “crack spread” — the difference in price between a barrel of crude oil and the price of the products into which that barrel is refined — has exploded, from around $25 a barrel before the war to more than $65 now..."