“The Great Fuel Crisis” Has Arrived

▪️Leading U.S. oil companies have been warning about the risks of a global fuel crisis since the very beginning of the escalation of the Middle East conflict. Now, in their view, the crisis has arrived, reports The Wall Street Journal (WSJ)

▪️Global commercial fuel reserves have been declining for more than half a year, and the potential for further use of strategic oil reserves is limited

▪️The situation was exacerbated by an attack on an oil pipeline in Saudi Arabia built to bypass the Strait of Hormuz. Analysts estimate that the attack removed at least 2.5 million barrels of oil per day from the global market

▪️“All these mechanisms helped mitigate price and supply risks. Now they have largely been exhausted, and we don’t have nearly as significant reserves in the system as we did at the beginning,” said Chevron CEO Mike Wirth

▪️Diesel prices in the U.S. reached a record high of $6.23 per gallon, while gasoline rose to $4.32. U.S. crude oil prices have risen 19% over the past three weeks, approaching $101 per barrel

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