GasBuddy: ‘Gas Prices Will Not Skyrocket Due to Oil Tanker Attacks’
Patrick DeHaan, head of petroleum analysis at Gasbuddy, said on June 13, 2019, that the attacks on US oil tankers will not affect gas prices or availability.
“Overnight, attacks on two oil tankers has concerned traders and energy markets,” DeHaan said in a news release. “Oil prices have seen an advance of 3 to 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,” said DeHaan. “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.”
Two tankers were apparently attacked in the Gulf of Oman on June 13, less than a month after four other ships were struck in the region.
The ships—one carrying oil and the other transporting chemicals—were struck in international waters near the Strait of Hormuz.
All crew members were evacuated and were safe.
The vessels were hit “at or below the waterline, in close proximity to the engine room,” said the International Association of Independent Tanker Owners (Intertanko). “These appeared to be well-planned and coordinated” attacks.
More US Navy ships are expected to head to the area in the coming hours.