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Syria and the Price at the Pump?

By Bill O'Neil

It happens just about every time a sabre rattles in the Middle East--and there are signs of rising gas prices in San Antonio. 

While AAA Texas' latest survey shows the local average climbed by a penny over the last week, some experts said the impact of what's happening with Syria may have already been softened. 

"We're consuming about two-million barrels less oil than we did even just a few years ago--and last year, we brought on over a million new barrels (in domestic production)--more than we ever have in one year" said the American Petroleum Institute's Rayola Dougher. She told 550 KTSA News timing may also be a big help right now.  

"We have plentiful supplies of gasoline right now. We're over the peak summer driving season. We're heading in to the next couple of weeks the turn around season at refineries--where we'll be producing the less costly winter blends of fuel" Dougher said. 

Still, Dougher said the market is one that has already been stretched.  

"Right now Libya and Iraq have a lot of oil off the market--over a million barrels each" Dougher said.   

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Topics : Business_Finance
Locations : Middle EastSan Antonio
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