Marc Filippino

The world is running low on easily accessible oil, and it's happening fast.

Global crude reserves dropped at a record pace in April, about 6.5 million barrels a day.

That's according to estimates from S&P Global Energy, which tracks commodity prices.

The U.S.-Iran war is no closer to a peace deal, and that means oil shipments are still stalled out of the critical Strait of Hormuz.

It's been effectively closed since the war started two months ago.

Goldman Sachs is now warning that there are only 45 days of refined oil products left worldwide.

That includes things like gasoline, diesel, and jet fuel.

That's pretty bad timing, as the summer travel season is creeping up on us.

U.S.

listed companies might not need to report quarterly earnings soon.

The Securities and Exchange Commission said yesterday it was proposing a rule that would allow companies to report twice a year.

Here to tell us more is the FT's George Steer in New York.

Hi, George.

So how big of a deal is this?

I mean, how long has the Securities and Exchange Commission been requiring quarterly reports?

Why is the SEC doing this?

So it'd be basically shifting focus away from short-termism, which is the main complaint of how things are done now.

Yeah, I think that's really important to note that the U.S.

wouldn't be by any means the first country to pivot to this structure.

But, you know, how significant would that be for U.S.