Energy and oilUpdated November 5

U.S. refineries make less gasoline per barrel.

Margins help explain why gasoline is losing its share of the barrel: the U.S. Energy Information Administration says particularly high margins for distillate fuel oil and jet fuel contributed to the shift. Refineries have been steering more production toward those fuels, taking a smaller share of each crude barrel for gasoline. The figures make the change hard to dismiss as a one-month dip. Gasoline yields averaged below 45% in the first eight months of 2026, falling below the previous five-year low in every month, according to EIA data.

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Coverage started November 5