The White House has denied reports that U.S. energy reserves are nearing critical danger points, while industry executives warn of an imminent spike in fuel prices as strategic oil stocks deplete rapidly.
Gas prices have already risen sharply due to a blockade of the Strait of Hormuz by both the United States and Iran, which disrupts one of the world’s primary oil trade routes.
Multiple energy sector officials confirmed that backup reserves are being depleted at an alarming rate. “We’re at dangerously low levels already,” said an anonymous executive who stated concerns about a mid-to-late June crisis have been shared with government leaders. “I hope they are paying attention to inventories right now. You’re hitting tank bottom.”
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