For years, U.S. President Donald Trump has openly displayed his disdain for the clean energy and electric vehicle sectors. In the early days of his second term, Trump stalled funding for EV charging infrastructure while pushing fossil fuels. In July 2025, the GOP-sponsored One Big Beautiful Bill Act (OBBBA) rolled back EV incentives from the Inflation Reduction Act, terminating the $7,500 new and $4,000 used EV tax credits in September 2025, and cutting back infrastructure and manufacturing subsidies.
Yet, this giant push to secure the domestic…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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