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GasBuddy: Attacks on oil tankers will not raise gas prices

Gas analyst say gas prices will not go up, despite overnight attack on two oil tankers near the strategic Strait of Hormuz.
Credit: Getty Images/iStockphoto
Filling up at the gas station.

The news of overnight attacks on two oil tankers has concerned traders and energy markets, however, GasBuddy's petroleum analysis experts do not anticipate gas prices to go up. 

The tankers were near the strategic Strait of Hormuz when they were attacked Thursday. One was left ablaze and adrift as sailors were evacuated from both vessels. The U.S. Navy rushed to assist in the incident, amid growing tensions between Washing and Tehran.

RELATED: Tankers targeted near Strait of Hormuz amid Iran-US tensions

Thursday morning, GasBuddy released a statement from their head of petroleum analysis, Patrick DeHaan, assuring U.S. consumers that while the attacks caused an increase  in oil prices, gas prices weren't likely to spike.

"Overnight, attacks on two oil tankers has concerned traders and energy markets. Oil prices have seen an advance of 3-4% so far this morning, but it is highly unlikely at this point to impact gas prices. 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. 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. While oil prices are up some $2 per barrel today, they still remain $13 per barrel lower than 2019's high water mark. 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. So in short- no, gas prices will not skyrocket from this event."


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