Giant warning in the energy industry: The global fuel crisis is already here

Senior U.S. oil industry executives warn that the global fuel crisis is already here. Inventories are declining, strategic emergency reserves are running out, and attacks in the Middle East are disrupting energy infrastructure. Chevron CEO Mike Wirth said that security reserves are nearly exhausted. Crude oil prices have surged 19% in three weeks to about $101 per barrel.

Senior U.S. oil industry executives warn that the global fuel crisis is already here, as reported by the Wall Street Journal. Inventories are declining, strategic emergency reserves are running out, and attacks in the Middle East are completely disrupting energy infrastructure. Chevron CEO Mike Wirth presented a grim forecast, stating that the security reserves that protected the market are almost entirely exhausted, and it is difficult to see a scenario of calm. U.S. crude oil prices have surged 19% in three weeks to about $101 per barrel; diesel prices reached a record $6.23 per gallon, and gasoline prices rose to $4.32. The article cites a U.S. report revealing that most funds for Iran's proxy organizations come from oil profits.