The Refining Squeeze Is Breaking Pump Prices and Fueling a Global EV Surge

Your gas tank is expensive — and it's not just crude oil driving the bill. The real culprit is a global refining crunch that's pushing "crack spreads" — the margin between crude oil and finished fuel — to extraordinary levels. Since May, the gasoline crack spread in New York Harbor has averaged $1 per gallon higher than in 2025, when it peaked around 60 cents. The reason: disruptions to refining in Russia, China, and the Middle East have...