Refiners: US drivers, airlines keep paying as war-driven fuel prices surge

The striking element is the absence of demand destruction: fuel spending is proving inelastic to a war-driven price shock, which shifts the burden onto consumers and carriers rather than forcing conservation. That resilience is a direct consequence of the US transport fleet's dependence on liquid fuels, and it means refiners retain pricing leverage for as long as it holds. The open question is whether sustained high prices eventually erode that demand, or whether the structural reliance keeps consumption steady even as the broader energy crisis deepens.