What is the current crisis going to do to the price of gas?

Gas prices don’t seem to have gone up yet, at least not here in CA. Just wondering how bad it might be when they do. And just when we’d learned to live with the post 9/11 dick-and-a-ball prices, too.

Apologies if there’s already a thread. Can’t search for three-letter words like “oil” “gas” and “car”.

Depends entirely on what happens next. The loss of production from BP’s well is negligible compared to total world production. So the impact on prices is also negligible.

If Congress or the Prez decides to close all oil drilling in the Gulf that would have an effect on US prices. Or if they slap a $3.00 / gal tax on gasoline to discourage consumption and fund R&D for the Next Fuel. Or …

Your guess is as good as anyone else’s.

Also, the price at Arco, which is owned by BP, is still the lowest of the major ones in CA.

Interesting. BP is a common brand here and reliably a couple cents to a nickel higher than any competitor.

If the Saudis have a say in the prices they should stay close to where they are now. I remember a quote from their oil minister a few months ago saying that he thought $75 per barrel of oil was a fair price in this economy.
That’s about where the price is today and they apparently have nearly 2 million barrels extra capacity to pump per day if needed to stabilize prices.

The oil from the Deepwater Horizon never got into production. The actual spill has no effect on gas prices. BP didn’t lose any production at all – they just lost a potential source of oil.

Effects from the cost of cleanup, etc. may cause prices to change. But the loss of the oil into the gulf is not a factor.

Well, that’s a small mercy. Thank you.

I think even if they had to raise prices, the public wouldn’t tolerate any major increase, even if it was legit.

I don’t drive but I look at gas station prices and I’ve not noticed any major price changes in Chicago (city limits) but I am looking for it.

Here in NE Atlanta, prices at many stations went up by 12 cents Wednesday. That’s not an unusual occurrence here – prices will take a big jump during a workday, then slowly drift back down over a week or two.

Don’t prices historically go up for the summer and especially for the Fourth of July weekend just because of increased demand? I would be surprised if that didn’t happen again this year.