Oil and Gas Executives Warn Gasoline Prices May Rise Sharply as Fuel Inventories Fall

Oil and gas industry executives have warned the White House that gasoline prices may rise sharply in the coming months as fuel inventories drop to very low levels. According to Jin10, The Washington Post reported that the executives said shrinking commercial and government stockpiles are rapidly eroding inventories that previously helped ease price pressures. People familiar with the discussions said industry officials told the White House they were trying to deliver an urgent warning that prices could surge as supplies tighten. The executives said some inventories could be fully depleted within weeks, coinciding with the peak summer travel season. Bob McNally, founder of Rapidan Energy Group, said he was confident the White House, from the president to lower-level officials, was fully aware that oil companies and analysts were broadly concerned about oil price trends this summer.