Oil reserves are falling off a cliff.
Assuming no change to the current state of affairs, it looks like we could move from higher prices to actual shortages and gas lines by year's end.
An underappreciated surplus of crude oil, sloshing around storage tanks and aboard ships, cushioned the global economy when the Persian Gulf closed 2½ months ago.
That excess supply is now dwindling at a record pace, with oil executives and analysts predicting that a harsh reckoning is set to upend the relative calm in energy markets. Acute shortages of key fuels and soaring prices could emerge within weeks if the Strait of Hormuz remains shut.
This ain't gonna end well.
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