Big oil companies are raking in record profits even as drivers pay more at the pump, and the real culprit is a global refinery crunch, not just the war-driven cost of crude.

• Shell's refining profit jumped sixfold from a year ago, far outpacing the rise in crude oil costs.
• Conflicts in the Middle East and Ukraine's strikes on Russian refineries have knocked out about 10% of the world's refining capacity.
• With fewer refineries running, surviving plants charge more and pay overtime to run at full tilt, and those extra costs get passed to drivers.
• Oil companies say the windfall is temporary and are using the cash for dividends and stock buybacks rather than lowering prices, so shareholders benefit more than consumers.
• No major new refineries have been built in the US in decades, so replacing lost capacity will take years, not months.

Outlook: Gas and diesel prices are likely to stay elevated until refining capacity recovers, which could take years given how slow new refinery construction is.