Bloomberg Surveillance · Monday, August 31, 2026
Paul Sankey emphasized that the primary issue driving high fuel prices is a shortage of refining capacity, not a lack of crude oil. He stated that even with increased oil production from sources like Venezuela, the inability to process it into usable products like diesel means the problem remains unaddressed.
“Yeah, we're short refining and that's the big issue. And, you know, there's really almost nothing you can do about that.”
“The issue is whether or not we can get products out. And if you look at how much product is coming out of the Hormuz, it's actually not what increases when deliveries of oil increase through the Hormuz. So that doesn't address the issue either.”
“This diesel price is a colossal problem.”