Traders are pricing in peace while global inventories are evaporating in real time
Chevron CEO Mike Wirth confirms physical shortages have already hit Asian markets
Twenty percent of global energy transit remains offline with one billion barrels of supply missing
US distillate fuel inventories have cratered to their lowest levels since 2003
Refineries are running at maximum capacity with zero cushion left for the summer demand surge
Wall Street is buying the hope of a reopening while infrastructure reality dictates a grind into 2027
The systematic suppression of price risk is encouraging consumption during a historic supply collapse
American households are bleeding a 59 billion dollar shadow tax in added fuel costs
This invisible drain is effectively vaporizing the entire value of this year’s average tax refund
Main Street is paying the premium for geopolitical escalation while energy titans rake in record profits
The calm before the storm is ending as the physical reality of a broken energy system forces a violent correction
Americans have splashed out $59 billion more on fuel since President Donald Trump started his war against Iran — and the extra costs have already eaten up this year’s average tax refund, according to a report Friday.
Moody’s chief economist Mark Zandi estimated that the increased spending amounted to about $450 per U.S. household, “made up mostly of gasoline, then there’s a diesel cost and an implied jet fuel cost in those higher airline fees,” CNBC senior economics reporter Steve Liesman said on the cable network’s Squawk Box show.
The added costs were initially offset by this year’s increase in the size of many federal income tax refunds, which averaged around $380 more per household, but by mid-May, “the extra fuel cost outstrips the refunds,” and “now it’s higher,” Liesman said, according to a transcript posted on the Mediaite website.
CHEVRON CEO: PHYSICAL OIL SHORTAGES HAVE BEGUN AND PRICES WILL FOLLOW
Chevron CEO Mike Wirth just delivered a blunt assessment that cuts through the market noise. Traders keep crude pinned between 90 and 100 dollars because they believe the Strait of Hormuz crisis is almost… pic.twitter.com/2ajv00VgCz
— Mark (@Mark4XX) May 30, 2026