Clear words to the Trump administration
US oil industry fears worse
Updated June 14, 2026 – 9:56 a.mReading time: 2 minutes
The Iran war is depleting US oil reserves. Companies don’t just fear an imminent bottleneck.
Companies in the American oil and gas industry are said to have warned the US government of further rising prices. Companies also fear that supplies will run out, reports the Washington Post.
Accordingly, employees of gas and oil companies have raised the alarm several times with the Trump administration, the newspaper reports, citing sources in the companies. Some of the supplies could be used up within a few weeks, it said. U.S. strategic oil reserves have fallen to 349.2 million barrels, approaching a low last seen in 1983.
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On June 10, the US Department of Energy released another 40 million barrels for tender. Since Trump took office, 172 million barrels have now been withdrawn from the strategic reserve.
“We’re sounding the alarm because these inventories are falling to record lows,” said Mike Sommers, CEO of the American Petroleum Institute, on Fox Business’ “Mornings with Maria” in early June. “We should worry about what prices await us in the next few weeks. We have to solve this problem in the Strait of Hormuz.”
Expert: Trump administration knows about problems
Due to the de facto closure of the trade route, oil and gas from Arab countries can only be transported in small quantities. The shortage has caused oil and gas prices to rise. On Saturday, the Trump administration announced that a peace agreement with Iraq would be reached this weekend.
“I have absolutely no doubt that the White House – from the president down to the lower levels – is fully aware of the almost unanimous concern among oil companies and analysts about the direction of oil prices this summer,” Bob McNally, who served as an energy adviser in the George W. Bush administration and founded the research firm Rapidan Energy Group, told The Washington Post.
