HOUSTON \u2013 Top Oil Execs Predicting Gas Prices To Zoom Up Once Again<\/p>\n
What\u2019s happening<\/p>\n
Top oil industry executives are warning the Trump administration that global oil supplies are getting dangerously tight because of the war with Iran.<\/p>\n
Why it matters to drivers<\/p>\n
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.<\/p>\n
The choke point: Strait of Hormuz<\/p>\n
Executives say Iran\u2019s 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.<\/p>\n
What refineries are doing right now<\/p>\n
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 <\/p>\n
A big backup plan is already low<\/p>\n
The Strategic Petroleum Reserve (SPR)\u2014the U.S. emergency oil stockpile stored largely in Texas and Louisiana\u2014is near its lowest levels since the 1980s, down about 50 million barrels since before the war.<\/p>\n
How high could oil go?<\/p>\n
Exxon senior vice president Neil Chapman warns oil could hit $150\u2013$160 per barrel.<\/p>\n
What that means for gas prices (your wallet)<\/p>\n
If oil spikes like that, executives expect gasoline prices to surge again in 2\u20133 weeks\u2014potentially reversing recent relief.<\/p>\n
Where prices stand today<\/p>\n
As of today, the average price nationwide for gas is about $4.22\/gallon, down from roughly $4.50 a few weeks ago\u2014but that drop could be short-lived.<\/p>\n
What you can do now<\/p>\n
Start to budget now for a possible jump\u00a0in late June<\/p>\n
Fill up earlier in the week\u00a0if prices start rising locally<\/p>\n
Cut one trip\u00a0(carpool\/errands in one run) to blunt the hit<\/p>\n
Use gas apps like gasbuddy and gasguru to find the cheapest gas stations in your neighborhood<\/p>\n
Bottom line<\/p>\n
If Middle East shipments stay disrupted and inventories keep draining, higher gas prices could hit quickly\u2014affecting nearly every household and business that relies on driving and deliveries.<\/p>\n
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