CEO of Big Oil Concerned that Middle East Conflict Will Lead to Price Increases

The American oil business is on excessive alert for an escalation of the violence within the Middle East that disrupts the circulate of oil out of the area.

Mike Sommers, CEO of the American Petroleum Institute, worries there’s a rising probability the disaster will intensify and derail oil provides.

“This needs to be an actual concern, I feel, to each American,” Sommers instructed CNN in an unique interview. “Oil tankers are being attacked by the Houthi rebels within the Red Sea. And what you are seeing is plenty of these oil tankers not traversing the Red Sea.”