US oil companies are investing to squeeze out more fuel from refineries and bringing shuttered plants back online in response to conflicts in Russia and Iran that have crimped supplies, Reuters reports.
ExxonMobil Chief Executive Darren Woods said Friday the company had achieved “record fuels utilization” outside of the Middle East, pointing to 100 percent crude utilization at US Gulf Coast refineries.
The statements come as US gasoline prices remain above the politically sensitive $4 per gallon level and as diesel prices linger near all-time highs above $6 per gallon.
“In the third quarter, we continued to rise to the challenge of meeting global energy needs,” Woods said in a press release.
