RHINELANDER, WI (WSAU-WXPR) — Two oil tankers in the Gulf of Oman were attacked Thursday causing markets to get uneasy about the incident.
As groups work to find out what happened and who is behind it, a Senior Petroleum Analyst for the website GasBuddy.com says consumers should not overreact.
Patrick DeHaan tells WXPR Radio in Rhinelander, the attack happened at a critical point in the Middle East. “Of course, oil and energy markets are concerned over such an attack in such a sensitive place. Much of the worlds crude oil flows through this region. This is a vital waterway connecting the Middle East and production to global markets.”
DeHaan says crude oil prices went up a bit Thursday after the attack. But he says there was a big drop in wholesale gas prices earlier this week. But DeHaan says even with the attacks, it is just a small amount of oil in question to the entire supply.
“Gas prices have been falling for five straight weeks nationally. The national average is at it’s lowest level since April. There’s no reason to believe the declines will not continue. We’ll continue, overall, to see prices go lower. The attacks on the tankers may very briefly slow down the decline.”
DeHaan says wholesale gas prices are down 40-70 cents a gallon since April. He says more downward pressure on prices is coming, even with the tanker attacks.
