OPINION — While crude oil gets most of the blame for today’s sky-high gas and diesel prices, the refiners that turn crude into fuel have quietly been making a killing and driving up costs.
According to the Energy Information Administration, refining accounted for nearly 22% of the price of regular gasoline in May, up from 17% in April. For diesel, refining made up 34% of the pump price in March and more than 25% in May.
Eight publicly traded independent U.S. refiners are projected to earn a combined $32.4 billion in profits from April through September 2026, compared with $6.8 billion in the like period in 2025, according to the Financial Times. Its Oct. 2 report combines reported second-quarter results with analysts’ third-quarter forecasts. That’s nearly five times as much profit.
