U.S. refiners are operating at the highest operating rate since before the pandemic, but they are not expected to bring relief to the tight fuel market through major capacity expansions in the short term. Some of the biggest refiners are working on expanding the crude oil processing capacity at large existing facilities, but those additions will not fully offset the U.S. refinery processing capacity, which closed during and right after COVID. ExxonMobil, Valero, and Marathon Petroleum are currently working on the expansion at three large…
