Chevron's Tengiz project in the Caspian Sea produces 1 million barrels of oil per day.

Paul Sankey predicts that rising U.S. gasoline prices will ultimately trigger a crisis response from the government.

Recent API data showed a 10 million barrel draw from the U.S. Strategic Petroleum Reserve (SPR) in one week.

Throughput volumes in the Suez Canal are at 50% of their levels from before the Houthi attacks began.

Approximately 40% of Asian petrochemical capacity has been shut down.

There is a shortage of alkylate, an octane-boosting component, in California, which prevents refiners from producing their required grade of gasoline.

A nationwide average gasoline price of $6 per gallon in the U.S. would translate to prices of $8 to $9 per gallon in California.

Paul Sankey predicts that the nationwide average price for a gallon of gasoline in the U.S. will reach $6 this summer.

The United States is heavily dependent on base oil supplies that transit through the Strait of Hormuz.