Did Press: US oil industry executives have warned that the global energy market is heading toward a fuel supply crisis amid declining inventories and disruptions to energy infrastructure in the Middle East.
According to The Wall Street Journal, the CEO of Chevron said reserves that had previously served as a buffer for the market have largely been depleted, with no clear outlook for an improvement in conditions.U.S. crude oil prices have risen by about 20 percent over the past three weeks, reaching around $106 per barrel.
At the same time, diesel and gasoline prices have risen to $6.23 and $4.32 per gallon, respectively.Analysts have warned that continued fighting and disruptions to energy infrastructure could deepen the supply crisis. However, the administration of President Donald Trump continues to emphasize that the disruptions are temporary.
Growing pressure on energy markets, coupled with reduced buffers in U.S. strategic reserves, suggests that a prolonged Middle East crisis could impose significant economic costs on Washington and the global market.