Are Diesel Exports Keeping US Gas Prices High? (VLO, MPC)

In the week ended September 16th, the US exported more refined products than it imported. Year-over-year, the US is now exporting 714,000 barrels/day more refined products than it is importing. The largest portion of these exports is diesel fuel. Combined with the wide price spread between US WTI crude and North Sea Brent, the demand for diesel fuel is propping up pump prices for gasoline in the US even as crude prices continue to fall.