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Refineries in US are making even bigger profits. They even skip on maintenance running at 95% capacity non-stop.

For now. They are well aware of the long picture. They know how long they can risk doing without maintenance, and will do it eventually. They are also well aware that EVs are coming and high fuel prices hurt them long term because people will switch and not come back.

Someone else suggested they see $85/bbl as the ideal price. I don't know if that is true, but it seems reasonable.

EV is committing irrespectively of what refineries are doing at this point. The latest Chinese models with a reasonable range are cheaper to manufacture than ICE cars. So I can see why refineries want to get as much money as possible now before the massive switch to EV.

No Chinese EVs in the US (yet)...

This is a really complex optimization problem, but slowing EV adoption, which low gas prices help, is likely the better course for a few more years. Eventually just gouge the petrol users left is the most profit, but I don't think that has been reached yet.

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