Bad news for drivers and consumers worldwide as the world's emergency oil stockpiles are dropping fast, with gas prices set to climb much higher.

• Global emergency oil supply fell by 250 million barrels in March and April, the fastest drop on record.
• The Strait of Hormuz is shut, and if it stays closed oil could jump to $130–$140 a barrel next month.
• US gas prices are already at multi-year highs and could push past $5 a gallon, with Los Angeles possibly hitting $10.
• Even if the strait reopens, clearing mines and restarting shipping will take 2 to 3 months.
• Food and travel costs are already rising fast — coffee up 19%, flights up 21%, tomatoes up 40%.

Outlook: If the US joins Israel in attacking Iran in the coming days, oil prices will spike much higher and trigger serious political backlash in the US.