The cost of key chemicals used in pharmaceuticals, rubber, and plastics are on the rise. Refiners have been prioritizing gasoline over chemicals as demand continues to rise. In addition, crude to chemicals producers, especially in Europe, are feeling unprecedented cost increases due to the sky-high natural gas prices. Costs of chemicals used in making key goods, including pharmaceuticals, rubber, and plastics, are soaring as the rally in crude oil prices this year pushed up the price of petrochemical feedstocks. But higher oil prices are not the only reason for record-high prices of benzene, toluene, and xylene. Record-high gasoline prices and strong gasoline demand globally as consumption rebounded after the COVID-induced slump prompted refiners to prioritize gasoline production over chemicals production. The jump in gasoline refinery utilization amid robust gasoline demand has squeezed the global supply of the key chemicals for manufacturing essential goods, raising costs for producers of such […]