9 articles · Updated · The Wall Street Journal · May 1
US gasoline averaged $4.39 a gallon after a 33-cent weekly jump, while California hit $6.06 and US crude inventories fell 6.2 million barrels on record exports.
Executives said blocked Hormuz flows and volatile markets made new investment decisions premature, even as Exxon and Chevron beat first-quarter earnings expectations and ran refineries at high rates.
Oil prices are up nearly 80% this year, and analysts warn supply tightness could outlast any Strait of Hormuz closure as buyers rebuild inventories and companies prioritise buybacks over faster production growth.
How might ongoing refinery closures and the unprecedented Strait of Hormuz blockade permanently reshape fuel availability and prices in the U.S. and worldwide?
With oil giants keeping production flat despite record prices and shortages, could this trigger a long-term global energy crisis or accelerate the shift to renewables?