Oil prices have fallen 20% since Trump took office, but California drivers see little relief at the pump due to soaring refinery profit margins.

Global refining capacity is squeezed by Ukrainian attacks on Russian plants, facility outages in Kuwait and Nigeria, and permanent closures across the US and Europe.

Anticipated US sanctions on Russian oil companies and EU fuel restrictions threaten to worsen the supply crunch and keep prices elevated.

It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.

In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit.

What’s different today is the scale of the threat to global supplies: Relentless attacks on

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