HOUSTON – Top Oil Execs Predicting Gas Prices To Zoom Up Once Again
What’s happening
Top oil industry executives are warning the Trump administration that global oil supplies are getting dangerously tight because of the war with Iran.
Why it matters to drivers
They say the disruption could push oil and gas prices sharply higher by mid-to-late June, meaning consumers could feel it at the pump fast.
The choke point: Strait of Hormuz
Executives say Iran’s actions have effectively closed the Strait of Hormuz, the key route for Middle East oil shipments — so less oil is getting out to world markets.
What refineries are doing right now
With fewer tanker deliveries, fuel makers are pulling more crude oil from storage tanks to keep producing gasoline, according to U.S. Energy Information Administration (EIA) data
A big backup plan is already low
The Strategic Petroleum Reserve (SPR)—the U.S. emergency oil stockpile stored largely in Texas and Louisiana—is near its lowest levels since the 1980s, down about 50 million barrels since before the war.
How high could oil go?
Exxon senior vice president Neil Chapman warns oil could hit $150–$160 per barrel.
What that means for gas prices (your wallet)
If oil spikes like that, executives expect gasoline prices to surge again in 2–3 weeks—potentially reversing recent relief.
Where prices stand today
As of today, the average price nationwide for gas is about $4.22/gallon, down from roughly $4.50 a few weeks ago—but that drop could be short-lived.
What you can do now
Start to budget now for a possible jump in late June
Fill up earlier in the week if prices start rising locally
Cut one trip (carpool/errands in one run) to blunt the hit
Use gas apps like gasbuddy and gasguru to find the cheapest gas stations in your neighborhood
Bottom line
If Middle East shipments stay disrupted and inventories keep draining, higher gas prices could hit quickly—affecting nearly every household and business that relies on driving and deliveries.
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