The worsening refining bottleneck, especially in the U.S., was explained by Mike Wirth, the CEO of oil giant Chevron, who recently told Bloomberg TV that there's not enough refining capacity to meet the demand for gasoline and diesel because no new refinery will ever be built in the U.S. again.
Wirth explains his reason: "You're looking at committing capital ten years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying, 'We don't want these products to be used in the future.'"
The crisis in refined products is because of the green energy transition forcing oil/gas companies, like Chevron and other majors, to not just shutter refineries but not invest and expand refinery capacity. This colossal failure has resulted in the national average for regular fuel approaching $5 a gallon by the end of this week.