Is this going to affect oil prices AGAIN in the U.S.???

Question

Updated: 7:05 a.m. ET Aug 15, 2006
TOKYO - A Japanese tanker spilled about 1.4 million gallons of crude oil in the eastern Indian Ocean following a collision with a cargo ship, the tanker’s operator said Tuesday.
From MSNBC site today.
Or is Japan more out of our area for gas issues??? I just don't know personally.

Answer 1

No, the ship was carrying 77million gallons. The amount spilled was negligible (too small to have an impact). The BP issue was much, much bigger even though only 120 gallons spilled, because they would have had to shut down their alaska pipeline which was something like 5% of US oil consumption.

There is no "out of range" for oil, these days, there is X amount produced, and X amount consumed (almost the same amount) in the world. If the amount produced goes down, people still want to use the same amount, so price goes up as those who can afford, it pay for it, and those who can't, suffer.

Answer 2

Most likely not. This tanker was bound for Japan, not the US, so it's not like this will affect crude inventories in the US.

However, the price of oil is purely speculative, so you never know what might happen...but I wouldn't worry about it too much.

Answer 3

No this will not rise the prices of gas... Majority of the times gas prices go up is because of war, terrorist attacks on gas pipelines, a malfunction in production, etc... The main reason for a price increase is greedy politicians and oil companies!

Answer 4

Sister, if Dick Cheney farts in his bathtub, it's an excuse for them to raise oil prices again.

Answer 5

everything affects oil prices in the US. we just have to deal with it.

Answer 6

i believe they are out of area