US refining stocks rally stalls as Republican leaders push for diesel export restrictions. Global conflicts have limited diesel supplies, driving retail prices above $6.50 per gallon and boosting refiner earnings. Valero Energy Corp., Marathon Petroleum Corp., and Phillips 66 have all seen quarterly earnings per share almost quadruple year-over-year.

Storage tanks for renewable diesel fuel sit at a refinery in Wilmington, California. The rally faces headwinds as policy debates intensify ahead of the 2026 midterms.