Tight domestic supplies demand so far immune to the price surge, hefty margins and a wealth of export opportunities as European rivals struggle with high natural gas costs and a dearth of crude and feedstocks because of sanctions imposed on Russia for its invasion of Ukraine.

The real ace in the hole for U.S. refiners is the combination of scarce supply and persistently strong demand. The impact will be felt even more in peak driving periods and when production is disrupted by unplanned repairs and natural disasters like hurricanes.

More than 1 million barrels a day of capacity was lost to refinery closures and conversions to renewable diesel plants over the last few years. The next capacity increase won’t come until at least 2023 and 2024, when Exxon Mobil Corp. and Valero Energy Corp. expand their capacity

Warren Buffett’s

His recent investment in the rebounding shale oil producers has investors wondering