Chevron CEO Mike Wirth says world could face oil shortage
Business
Chevron CEO Mike Wirth says we could be heading into a global oil shortage, thanks to a closure of the Strait of Hormuz, a passage that handles about 20% of the world's crude oil.
He explained that backup reserves and emergency stockpiles are running low, and Asia will feel the pinch first, with Europe not far behind.
Even though the US exports more oil than it imports right now, Wirth believes it won't stay shielded for long.
Jet fuel spike shuts Spirit Airlines
We're already seeing some fallout: Spirit Airlines has gone out of business because jet fuel prices shot up.
The last Gulf oil shipment just arrived at Long Beach in California, highlighting how supplies are tightening fast, kind of echoing those 1970s oil crisis vibes Wirth mentioned.