Big Oil’s warning: even if crude prices fall, gas stations won’t see relief—refining capacity is the real bottleneck. Shell, Exxon, and Chevron reveal a 10% global output drop due to Middle East disruptions, Ukraine conflict, and export caps, squeezing diesel critical for farming, construction, and supply chains. Refineries are maxed out, some over 100%, with maintenance shutdowns looming as fall demand spikes. Buffers are gone, geopolitical risks mount, and this isn’t just about fuel—it’s about keeping the global economy running.
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