Here's why gas is more expensive than ever even though oil prices are down
Oil prices are falling but refueling your car has never been pricier. Blame the"crack spread," the latest supply-chain hurdle to exacerbate US inflation.
The cause, however, hasn't been a similar rally in crude prices, which are down about 15% since the early-March peak. Instead, oil refiners are now the bottleneck in the energy market, and they're reaping record profits in the meantime. Current crack spreads are even higher for diesel and other crude products. That can affect consumers through other costs like plane tickets and shipping rates.
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