US refiner margins hit new records as fuel shortage concerns grow

U.S. refiners are posting record profits as Middle East tensions boost foreign demand for American fuel, lifting export volumes.
Gasoline and diesel stocks are unusually low (gasoline at its lowest seasonal level since 2012), pushing national pump prices up—about $3.95/gal on average and as high as $4.56 in May.
Tight diesel supplies and refiners prioritizing diesel/jet fuel over gasoline are squeezing farmers and summer drivers, and analysts warn prices could rise further before refiners shift back.