Marathon Petroleum Corp. is in the process of shutting the third-largest oil refinery in the U.S. after a blaze at a storage tank.

Record-breaking summer heat is forcing fuelmakers to cut back operations, just as dwindling supplies are causing gasoline prices to surge around the world.

Most of Wyoming’s output of diesel, renewable diesel and biodiesel is sent to other states rather than being used locally.

The Biden administration is reaching out to the oil industry to inquire about restarting shuttered refineries, as the White House scrambles to address record-high gasoline prices that are setting off political alarm bells ahead of the midterm elections.

From record gasoline prices to higher airfares to fears of diesel rationing ahead, America’s runaway energy market is disquieting both U.S. travelers and the wider economy. But the chief driver isn’t high crude prices or even the rebound in demand: It’s simply too few refineries turning oil into usable fuels.

Chevron Corp. plans to operate its California refinery “normally” amid a worker strike that began just after midnight on March 21, potentially limiting the impact on gasoline prices in the state.

Texas’ refining complex is mostly back from February’s crippling cold blast, but lingering freeze-related issues continue to plague a number of production units.

Oil rose to a five-week high as a huge drop in U.S. crude inventories bolstered the outlook for demand. Futures in New York climbed 2.7% June 26 after the U.S. Energy Information Administration said domestic stockpiles fell by 12.8 million barrels last week.

The biggest refinery on the East Coast will shut down, after a massive explosion and fire crippled operations at a site that has helped fuel the region for 153 years.

Gasoline futures jumped the most in more than three months after an explosion and fire at the Philadelphia Energy Solutions oil refinery, the largest on the U.S. East Coast and a key supplier to the New York gasoline market.