2.4 million barrels of Gulf refinery capacity offline — and gasoline prices are decoupling from crude

Attacks on Gulf energy facilities have taken roughly 2.4 million barrels per day of refinery capacity offline across 20 plants, per MarketWatch. The resulting surge in the crack spread — the refining margin between crude input and gasoline output — explains why pump prices keep climbing even when crude stalls. Consumers are paying for scarcer refining, not just scarcer oil.