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Big Oil CEO fears war in the Middle East will spread, sending prices surging
The American oil industry is on high alert for an escalation of the violence in the Middle East that disrupts the flow of oil out of the region. Mike Sommers, CEO of the American Petroleum Institute, worries there is a growing chance the crisis will intensify and derail oil supplies. “This should be a real concern, I think, to every American,” Sommers told CNN in an exclusive interview. “Oil tankers are being attacked by the Houthi rebels in the Red Sea. And what you’re seeing is a number of those oil tankers no longer traversing the Red Sea.” Sommers, who runs a powerful oil-and-gas trade group whose ... (full story)