Oil Executives Warn White House Gasoline Prices Could Surge as Fuel Inventories Fall to Critical Lows
Oil and gas executives warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, according to the Washington Post, complicating the Trump administration’s efforts to contain inflation.
The warning follows broader signs of tightening oil supplies. The U.S. Energy Information Administration said oil inventories were headed toward multi-decade lows after disruptions in the Strait of Hormuz led Middle East producers to reduce output by more than 11 million barrels a day in May. In the latest weekly data, the U.S. Strategic Petroleum Reserve fell 7.9 million barrels to 349.2 million, the lowest level since August 1983.
From the sources (17 posts)
@tomklozaLooks like the US SPR is down to 349.2-million barrels, with 216-million sour barrels and 133.2-million barrels of sweet crude. Sets up likelihood of reserve oil dropping below Biden-era lows next Monday.
@gasbuddyguyBREAKING: U.S. SPR declines 7.9 million barrels in the last week to 349.2 million as of June 5, meaning that at any moment in the next few days the SPR will decline to its lowest since 1983, when it was being filled for the first time.
@staunovoUS SPR crude inventories fell by ~7.9mb w/w to 349.2mb last week #oott Sour down ~4.1mb to 216.0mb Sweet down ~3.8mb to 133.2mb
@tomklozaYes, for sticklers, it's likely that the SPR slipped below the Biden Era low of 346.8 million barrels (July 7, 2023) today. Figure each day sees an average of more than 7-million barrels leave the salt domes. We're there, it just hasn't bee
@gasbuddyguyusing the currently weekly drop rate of 7.9 million barrels, it would be *today* that we'd see the SPR falling below the July 2023 level of 346.7 million barrels, but updated numbers will take until next Monday to show it.
@staunovoOil inventories headed toward multi-decade lows, US EIA warns #oott
@alaliqasem🚨 U.S. SPR — Week ending Jun 6, 2026 Inventories fell 7.9mb to 349.2mb Sour: 216.0mb (↓4.1mb) Sweet: 133.2mb (↓3.8mb) This is now the lowest SPR level since August 1983. 43 years of emergency buffer — gone. 🧵
@polymarketJUST IN: U.S. EIA warns oil inventories in the world’s largest economies are headed toward multi-decade lows.
@oilheadlinenewsOil inventories headed toward multi-decade lows, US EIA warns
@oilheadlinenewsTHE EIA REPORTS THAT DISRUPTIONS IN THE STRAIT OF HORMUZ LED MIDDLE EAST PRODUCERS TO REDUCE OUTPUT BY MORE THAN 11 MILLION BARRELS PER DAY IN MAY COMPARED TO LEVELS BEFORE THE WAR.
@oilheadlinenewsAPI weekly oil & products inventory report Crude -9.119 million Gasoline -1.191 million Cushing -1.125 million SPR -7.9 million
@oilandenergyThe U.S. Strategic Petroleum Reserve continues to shrink. Another 7.9 million barrels were released last week, pushing SPR inventories down to 349.2 million barrels—the lowest level since August 2023. #SPR #EnergySecurity #OilMarkets #OOTT
@macroedgeresAPI data Crude -9.119 million (exp. -3.4 million) Gasoline -1.191 million Cushing -1.125 million SPR actual -7.9 million Another casual 17mb draw #MacroEdge
@hfi_researchAPI reported ~17 million bbl draw for crude. EIA will be close to that figure. It would be either the 3rd, 4th, or 5th largest crude draw in history. We will have had the largest, third largest, fourth largest, and fifth largest crude d
@firstsquawkOIL EXECUTIVES WARN WHITE HOUSE GAS PRICES SET TO WORSEN: WAPO
@financialjuiceOil executives warn white house gas prices set to worsen - WaPo
@firstsquawkOIL AND GAS EXECUTIVES HAVE WARNED THE WHITE HOUSE THAT GASOLINE PRICES COULD SURGE IN COMING MONTHS AS FUEL INVENTORIES FALL TO CRITICAL LOWS, COMPLICATING THE TRUMP ADMINISTRATION’S EFFORTS TO CONTAIN INFLATION THAT HAS ALREADY RATTLED AM