ExxonMobil and Chevron chiefs say spare refining capacity is at its lowest and US fuel prices are set to rise

Mehr news agency, citing Politico, reported that the chief executives of ExxonMobil and Chevron said on Friday 31 July 2026 that fuel producing refineries are running at maximum capacity and that there is effectively no room for a significant increase in output to cover the global shortfalls caused by the war in Iran and other areas of tension. They warned that this is likely to push consumer fuel prices higher in the coming months.

Darren Woods, ExxonMobil's chief executive, said spare refining capacity is now lower than at any point he has seen and that the industry needs time to work its way out of the position. He said the closure of the Strait of Hormuz has taken 3 million barrels a day of refining capacity out of the system, while export restrictions on refined products from China and Russia have together removed at least 5 million barrels a day of global capacity.

The American Automobile Association puts the average US petrol price at 4.10 dollars a gallon, close to one dollar more than the same period last year. The US Energy Information Administration has said American refineries have run at about 97 percent of operating capacity this month.