Big Oil Warns Supply Buffer Is Running Out

The US-Israel war with Iran and the calamity it’s triggered in global energy markets has been sharply felt by nations from Southeast Asia to Europe. In the US, however, the price for consumers flowing from Donald Trump’s decision to attack has been about $1.40 more for a gallon of gas, on average. This week, the warnings that more acute pain may be coming to American shores have been accumulating. On Friday, one more arrived—from Big Oil.

Every day the Strait of Hormuz remains shut, the world is using up commercial stockpiles, strategic reserves and crude that was stored in vessels, Exxon Mobil, Chevron and ConocoPhillips said this week. These supplies are now running short, Chevron Chief Financial Officer Eimear Bonner said in an interview with Bloomberg TV on Friday.