US emergency oil supply reaches near-record low

WASHINGTON —

The U.S. Strategic Petroleum Reserve nears historic lows, and experts warned that gas prices could skyrocket as a result.

Patrick De Haan, a petroleum analyst with GasBuddy, said the danger is what happens if that pressure valve runs out. “Probably at some point in mid-to-late summer is when these releases could potentially be over. And if the Strait of Hormuz isn’t reopened by then, we could see gas prices slingshot to potentially new record levels,” said De Haan.