A "great fuel crisis" has begun globally, U.S. oil company executives stated

 Global fuel supplies have been dwindling for over six months, and the capacity to offset the shortfall using strategic reserves is virtually exhausted, reports The Wall Street Journal.

Diesel prices in the U.S. have already hit a record $6.23 per gallon, while oil has neared $101 per barrel. 

Chevron warns that there are currently no signs of a quick improvement in the situation.