Oil industry executives have reportedly warned that energy prices are likely to spike further as oil reserves hurtle closer to a critical danger point. Gas prices have already risen sharply due to a blockade by both the U.S. and Iran on the Strait of Hormuz, the primary trade route for much of the world’s oil.
“We’re at dangerously low levels already,” said an anonymous industry executive who shared concerns with the highest levels of government about what’s coming in mid-to-late June. “I hope they are paying attention to inventories right now. You’re hitting tank bottom.”
A White House official flatly denied that such warnings were being received by the administration.
