Support CleanTechnica's work through a Substack subscription or on Stripe.
I was going to write this story last night. I put the title in there, but it was very late and there was a high chance I’d fall asleep in the middle of writing it, so I pushed it off. The top story on Google News today is US Vice President JD Vance saying the US and Iran are very close to a nuclear deal, which would end the war between the two countries. Whether this is true or just another attempt at spinning the story and trying to manifest a positive outcome by claiming one is coming, I don’t know, but I do assume it is driven in strong part by what I put in the title.
Exxon Mobil Senior Vice President Neil Chapman has warned that oil inventories are draining fast and could reach “really, really low levels” in the coming few weeks if the situation in the Middle East isn’t resolved. Naturally, if oil inventories go down to “really, really low levels,” prices will spike. We think we’ve seen a significant rise in the price of gasoline since the US first bombed Iran earlier this year, and we have, but that would all be the appetizer to the much bigger main meal if things don’t change soon.
“We’re approaching unheard of inventory levels,” Chapman said at a conference in New York. “I mean really, really low levels,” Chapman warned. “You can debate whether that’s going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up.” In other words, we don’t know what’s actually going to happen, but if oil inventories keep going as they have, we are in for a real shock before the end of June.
