Chevron CEO drops bomb that global oil system is cracking with real supply outage risks

Europe already canceling flights and gutting schedules as jet fuel turns very very tight.
US next in line because record American exports leave domestic refiners fighting the same barrels.


US drains SPR and commercial oil stocks like there’s no tomorrow. When the next real supply shock slams in we’ll be fucked with empty tanks and zero leverage.

Lowest level in decades; down from 415M in March