Refiners Can’t Deliver Gas Price Relief Trump Wants, Says Stephen Schork
Speakers
Steven Schork
— President, The Schork Group
Summary
Stephen Schork argues that US refineries are already running at maximum capacity, making it impossible to increase gasoline and diesel supply to lower retail prices. Product markets are in a structural shortage, driving refining margins massively higher. Meanwhile, crude oil prices remain volatile, reacting to President Trump's changing rhetoric on Iran.
- US refineries are running at 97-100% capacity with no spare ability to boost output.
- Diesel and gasoline forward curves indicate a product shortage.
- Refining margins are massive due to limited supply and strong demand.
- Retail gasoline prices are elevated because of product scarcity, not crude prices alone.
- Crude oil whipsaws on Trump's Iran comments, but product market tightness persists.
- Trump criticized Exxon and Chevron for profiting from the shortage he created.
- No quick policy fix can expand refining capacity or lower pump prices.
Ideas
Product shortage keeps refining margins elevated
US refiners are running at 97-100% capacity with virtually no ability to increase output. Diesel and gasoline forward curves signal a product shortage, keeping refining margins massive. Retail gasoline prices are elevated because of product scarcity, and the industry cannot bring more supply to market to lower prices even if crude oil fluctuates.
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This Bloomberg Markets video, published August 04, 2026, features Steven Schork discussing UGA, HO. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Steven Schork · Tickers: UGA, HO