Kamal Ghorui
Top executives from some of America’s largest oil companies warned officials in US President Donald Trump’s administration that the energy crisis sparked by the war with Iran might worsen, according to a report by The Wall Street Journal. Citing people familiar with the matter, the report said that chief executives of Exxon, Chevron and ConocoPhillips raised these concerns during a series of meetings at the White House last Wednesday, and in recent conversations with US energy secretary Chris Wright and interior secretary Doug Burgum.The development comes at a time when disruptions to energy shipments moving through the Strait of Hormuz have unsettled oil prices and global markets. The strait is one of the world’s most critical oil transit routes and any interruption to the passage of vessels through the waterway is expected to create volatility in energy supplies. Meanwhile, speaking to reporters aboard Air Force One, Trump said that once the conflict subsides, oil prices will come down quickly. “Oil prices will come tumbling down once it is over, and it will be over pretty quickly.”Donald Trump’s appeal to seven countries to deploy warships to help keep the Strait of Hormuz open has met with a negative response from Washington’s allies, casting doubt on the plan. Earlier on Saturday, Trump urged other countries to join efforts to secure the shipping route. In a post, he wrote, “Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe.” He added that China, France, Japan, South Korea, Britain and other nations should send ships to the area.Later the same day, the US president reiterated his call, writing, “The countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help — A LOT!” He further said: “The US will also coordinate with those Countries so that everything goes quickly, smoothly, and well.”Since US military operations began two weeks ago, global crude prices have climbed past $100 per barrel, while petrol prices in the United States have increased by more than 70 cents per gallon.
