Big Oil execs 'doing everything they can' to warn Trump of inflation surge

Inflation is primed to become catastrophically worse in one of the most important sectors, and according to The Washington Post, executives are still "doing everything they can" to get that fact across to President Donald Trump before it is too late.As the Post laid out in a Thursday report, executives in the oil industry are sounding the alarm about prices at the pump shooting up to a degree even higher than they already have, and are working to make sure Trump hears those warnings as he attempts to negotiate a deal with Iran to reopen the Strait of Hormuz."Oil and gas executives have warned the White House that gasoline prices could surge in the coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain inflation that has already rattled American consumers," the report detailed.It continued: "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."While the dwindling shipments out of the Gulf States has so far caused gas prices to increase well over $1 on average across the U.S., if the key shipping route remains closed or unsafe for much longer, it will quickly reach the point where stockpiles begin to reach critical levels. At that point, prices will potentially increase to astronomical levels, and gas rationing might also have to be implemented.For the time being, some of the sources that the Post spoke to are trying to remain optimistic. “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,” Bob McNally, a former energy adviser under George W. Bush and founder of the research firm, Rapidan Energy Group, said in a statement to the outlet.“We’re sounding the alarm on these inventories going to record lows,” American Petroleum Institute CEO Mike Sommers said during an appearance on a Fox Business show that Trump is known to watch. “We should be concerned about what prices we’re going to see over the next few weeks. We have to solve this problem in the Strait of Hormuz.”