June 11 (Washington Post) - Oil and gas industry executives have warned the White House that as fuel inventories drop to extremely low levels, gasoline prices could rise significantly in the coming months. This will make it more difficult for the Trump administration to curb inflation, which has already hurt US consumers.
According to multiple sources familiar with the discussions, industry officials say they are doing their utmost to warn that inventories that previously eased price increases are rapidly depleting as commercial and government stocks are quickly drawn down, and prices are about to surge. These executives warn that some inventories could be completely exhausted within weeks, coinciding with the summer travel season.
Bob McNally, founder of Rapidan Energy Group, said: 'I am fully convinced that the White House — from the President down to all levels of officials — is well aware that oil companies and analysts are almost universally concerned about oil price trends this summer.'
