Gas and diesel shortages have driven up fuel prices while boosting profits for San Antonio-based Valero, according to the San Antonio Report. The oil refiner reported $6.8 billion in net income from July through September 2026, more than it earned in 2024 and 2025 combined, as a global shortage of refining capacity increased its profit margins.
In the SA Report article, David Macpherson, Ph.D., chair of Trinity University’s economics department, explained that global conflict has contributed to Valero’s profits. With refineries offline in other parts of the world, Valero has been able to take on more oil processing at its refineries. “The world isn’t short of oil. It’s short of the ability to make gas from crude oil,” said Macpherson. “War has affected refining capacity elsewhere.” Read the full SA Report article here.