US oil industry executives declare that a fuel crisis is here

Senior U.S. oil industry executives warn that the buffer provided by inventories and emergency reserves has largely been exhausted; with no signs of a rapid decline in oil prices on the horizon, a fuel crisis is already upon us.

According to the Wall Street Journal, the Strait of Hormuz has faced prolonged disruptions, and global commercial fuel inventories have been steadily depleted for over six months. Furthermore, strategic crude oil reserves can no longer be released on a large scale, and a key Saudi Arabian pipeline that bypasses the strait was shut down last week following an attack. Analysts estimate that the global oil market is facing a supply shortfall of at least 2.5 million barrels per day.