High fuel prices are likely to stick around even if oil prices drop in the coming months as the wars in Russia and Middle East leave global refining capacity critically short, ExxonMobil and Chevron warned. The two oil giants say that despite any decline in crude costs, the bottleneck in refinery output will keep gasoline and diesel expensive for consumers. Executives from both companies highlighted that the current geopolitical tensions are tightening the market, with ExxonMobil and Chevron projecting a sustained supply gap through the next quarter.

Analysts agree that without new refinery projects, the shortage could linger, urging drivers to prepare for continued high pump prices.