US oil producers, refiners benefit as petrol hits $4.29 a gallon

US President Donald Trump said the country was “making a frickin fortune” from higher oil prices as regular petrol averaged $4.29 a gallon, according to AAA. Crude oil and refining costs accounted for $1.29 of the $1.57-per-gallon price increase between February and May, EIA data showed. Refiner Valero’s quarterly profit surged to $6.8 billion from $1.1 billion.