Tanker attack should not affect gas prices

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Patrick DeHaan, head of petroleum analysis for GasBuddy, noted Thursday that attacks on oil tankers in the Persian Gulf have created concerns for international energy markets, but aren’t likely to impact gas prices at this point.

 “The scope of the situation is small, the idea of attacks and perhaps further attacks are the concern and why oil prices are up this morning,” DeHaan said. “The amount of oil is a tiny fraction of global daily demand, but the situation raises risk of another situation or attack in the future, and that’s propelling energy markets, but even then, there is nothing to suggest another attack is imminent.” 

Stateside, according to social media, motorists are worried the attacks will raise U.S. gas prices — this is not true and highly unlikely, according to DeHaan. 

“While oil prices are up some $2 per barrel today, they still remain $13 per barrel lower than 2019’s high water mark,” DeHaan noted. “Gasoline supply has not changed, and today’s rise in wholesale gasoline prices will be offset by previous weeks of heavy losses. 

“It is highly unlikely gas prices will react to the situation — most states have room to see prices continue to fall, so today’s small rise will simply offset large decreases that are expected to continue,” he went on to say. “So in short, no, gas prices will not skyrocket from this event.”