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Oil Execs Warn: The Fuel Crisis Has Arrived
Newser • • business
Key Points:
- Oil industry leaders, including Chevron CEO Mike Wirth, warn that the global oil system's safety nets have been exhausted due to the Strait of Hormuz shutdown and a key Saudi pipeline being offline, pushing crude prices near $101 a barrel and diesel to a record $6.23 a gallon.
- The damaged Saudi pipeline, which bypassed the Strait of Hormuz, removes 2.5 million gallons of oil daily from the market and is expected to remain offline for weeks, exacerbating supply constraints.
- Wirth and other executives see little relief in prices soon, despite government calls for temporary disruption and efforts to boost supply from Venezuela and US refiners.
- President Trump has demanded lower prices while maintaining economic pressure on Iran and rejecting military intervention, signaling the conflict and high energy costs may persist beyond the midterm elections.
- Energy advisers highlight concerns that prolonged conflict, tight diesel supplies, and China's renewed oil purchasing will continue to strain consumers and the global energy market.
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