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Don't be surprised if we have a short-term gas-price hike.

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Don't be surprised if we have a short-term gas-price hike.

 
Old 06-13-19, 04:47 PM
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mmarshall
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Lightbulb Don't be surprised if we have a short-term gas-price hike.

In response to the recent attack on two oil-tankers in the Strait of Hormuz (there is some evidence, but no conclusive proof, that the Iranians were behind it), world crude-oil prices have already taken a jump, merely on the speculation that it will become more dangerous for tankers in that area, and supplies could be disrupted. (It doesn't take much, in that part of the world, to make oil-investors panic and bid prices up). The point of this thread, though, is not to get into international politics, or debate how to respond to it as a nation, but simply point out that it is likely that we will probably be paying at least a little more to fill our vehicles shortly, as those crude-increases work their way through the system and get down to the gas-pump level. We are already into mid-June, of course, and past the initial jump in gas prices that often occurs just before school lets out and vacation-season (with increased driving) starts. This year, interestingly, we saw a significant jump in April and May, but, in the last few days, a slight decrease....until the two tankers were attacked. How much prices at the pump will jump over this latest incident remains to be seen...but many states have a phone hotline, which goes directly to the Attorney General's office in that state, if customers encounter huge increases at the pump that look like obvious gouging. I can remember, once, right after a major hurricane on the Gulf Coast that took out a number of refineries, prices here in the D.C. area (over 1000 miles away) jumped at the pump by as much as $1.00 a day....regular 87 octane went from less than $3.00 a gallon to some $5.50 in less than three days. That's when the hot-line was initiated to deal with it.



I don't think we will see anything crazy like that over one or two tankers, but don't be surprised if you do see some mild increases in the next week or so.

Last edited by mmarshall; 06-13-19 at 04:59 PM.
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