Expect even higher gas and grocery prices to hit before the November election.
So far, countries - including the U.S. - have kept oil prices from skyrocketing even further by tapping into reserves.
We ain't seen nothin' yet at the gas pump.
Why Oil's Supply Crunch Could Arrive Late
By Julianne Geiger - May 21, 2026, 5:00 PM CDT
- U.S. commercial crude inventories have erased their entire 2026 build in just five weeks, with massive Strategic Petroleum Reserve releases masking what would otherwise be a far steeper supply drawdown.
- Global oil markets are increasingly relying on emergency reserves and inventory drawdowns to offset lost supply from the Strait of Hormuz crisis, while demand destruction has remained surprisingly limited.
- Analysts warn that inventories are finite and physical oil systems cannot quickly normalize even if Hormuz reopens, raising the risk of tighter markets and higher prices later this year.
oilprice.com
Expect even higher gas and grocery prices to hit before the November election.
So far, countries - including the U.S. - have kept oil prices from skyrocketing even further by tapping into reserves.
We ain't seen nothin' yet at the gas pump.