America’s fuel-makers are operating at maximum capacity amid a global fuel supply crunch that threatens stability. President Trump sought U.S. energy dominance and low prices, but is now receiving high prices instead, which he dislikes.

The Iran war and Ukrainian strikes on Russian refineries have removed a substantial portion of worldwide refining capacity, leaving the U.S. oil industry as the last major fuel supplier and exposing it to a prolonged global supply shock and heightened volatility that may persist into next year.

U.S. refiners are running plants at full tilt to satisfy domestic and foreign demand as worldwide fuel prices have surged, delivering windfall profits and drawing Trump’s ire. He criticized big oil firms for extracting excessive cash from American gas pumps, and the surge has sparked broader political backlash.

While gasoline exports remain steady, diesel exports reached a record 1.9 million barrels per day last week and jet‑fuel shipments hovered near record levels, according to Energy Information Administration data, underscoring the strain on the domestic market as export volumes climb.

The crunch has forced refiners to operate nonstop, raising concerns about capacity constraints. Analysts warn that the tight market could keep prices elevated well into 2025.