The price of gasoline has climbed above $5 per gallon. U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories. “With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg. As the U.S. national average price of gasoline hits $5 per gallon, higher fuel exports out of America are additionally sapping domestic fuel inventories, which are already at multi-year lows. Reduced refining capacity since the start of COVID, low inventories, and strong post-COVID demand, alongside $120 a barrel crude, have sent U.S. gasoline prices soaring over the past months to reach a record-breaking $5 a gallon on average. The White House is desperate to lower gasoline prices, which are the most important election issue for many Americans ahead of the mid-term elections in November. Ideas juggled by the Biden Administration range from invoking the Defense Production Act to […]