Oil Execs Warn White House Gas Prices Will Worsen

Oil and gas executives have warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain increasing inflation that has already rattled American consumers of all economic classes.

Industry officials say they are doing everything they can to sound an alarm that prices are about to soar as the commercial and government inventories that have mitigated price rises so far are rapidly depleting, according to multiple people familiar with the conversations, who spoke on the condition of anonymity for fear of retaliation from the administration. Some inventories could be wiped out within weeks, the executives have warned, coinciding with the peak summer travel season.

"I have absolutely no doubt the White House — from the president on down — is fully aware of the nearly universal alarm among oil companies and analysts about the direction of travel for oil prices this summer," said Bob McNally, who was an energy adviser in the George W. Bush administration and founded the research firm Rapidan Energy Group.

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