Exxon Warns Record Low Oil Inventories Will Spike Prices
By
Erik Loomis
Right out the toaster. Reliable, with some real depth.
Summary
Exxon Mobil has warned that global oil inventories are approaching record low levels within the next few weeks, which will cause oil prices to spike sharply and curb demand. Exxon Senior Vice President Neil Chapman described the situation as "unheard of" inventory levels, warning that once those low levels are reached, prices will shoot up dramatically. The article suggests this could lead to $8 gas prices.
Key quotes
· 3 pulledWe're approaching unheard of inventory levels
I mean really, really low levels
Once you get to that point, then you'll see price shoot up
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