Economist Peter Schiff warned that record diesel prices and a depleted Strategic Petroleum Reserve (SPR), the U.S. emergency oil stockpile, could leave the country with less protection during a future supply shock amid the Iran war. In a YouTube video released Thursday, the Echelon Wealth Partners co-founder said the reserve may be nearing a point where it can no longer be tapped, arguing that the United States had used its emergency oil buffer during a non-emergency. Schiff also said a diesel export ban could reduce domestic production and ultimately backfire. Diesel prices reached $9.999 per gallon in some parts of California, while the American Automobile Association reported a national diesel average of $6.5019 on Friday, down slightly from $6.5141 on Thursday. Iran’s Parliament Speaker Mohammad Bagher Ghalibaf warned that Iran could expose Americans to fuel shortages similar to the 1970s crisis, while Iran’s Security Chief Mohsen Rezaee said the Strait of Hormuz would remain closed until the U.S. returns to conditions set out in the Memorandum of Understanding. Oil and related ETFs declined as gasoline rose to $4.4918 per gallon and crude prices slipped.