Chemical Supply Squeeze Imminent As Refiners Prioritize Gasoline

Costs of chemicals used in making key goods, including pharmaceuticals, rubber, and plastics, are soaring as the rally in crude oil prices this year pushed up the price of petrochemical feedstocks. But higher oil prices are not the only reason for record-high prices of benzene, toluene, and xylene.  Record-high gasoline prices and strong gasoline demand globally as consumption rebounded after the COVID-induced slump prompted refiners to prioritize gasoline production over chemicals production. The jump in gasoline refinery utilization amid…