The 3-2-1 crack spread (the margin to turn crude into gasoline) just hit an all-time high of ~$70/bbl, eclipsing the 2022 energy crisis. Meanwhile, the U.S. has permanently retired 1.2–1.3M barrels/day of refining capacity since 2019, equivalent to shuttering 7 major plants. The East Coast is runn

The 3-2-1 crack spread (the margin to turn crude into gasoline) just hit an all-time high of ~$70/bbl, eclipsing the 2022 energy crisis. Meanwhile, the U.S. has permanently retired 1.2–1.3M barrels/day of refining capacity since 2019, equivalent to shuttering 7 major plants. The East Coast is runn

RT @matthew_sigel: The 3-2-1 crack spread (the margin to turn crude into gasoline) just hit an all-time high of ~$70/bbl, eclipsing the 202…