KCWY News13 | Casper, Wyoming | News, Weather, Sports

Iraqi Conflict Impacts Gas Prices Across Nation


 "Because of our recent fracking techniques and drilling techniques that have improved greatly over the last few years, the supply of oil and natural gas and natural liquified gasoline has really been on the increase."

-Bruce Hinchey, President of Petroleum Association of Wyoming

The conflict in Iraq could have an impact on gas prices near us in the near future.

Bruce Hinchey, President of Petroleum Association of Wyoming says fluctuation in gas prices is typically normal especially during the summer months, but he doesn't see prices staying high for very long.

Prices at the pump increasing because of another country's conflict is nothing new. Hinchey continues, "I guess it depends on how long this crisis continues. And anytime there's a rumor of a war or an actual conflict going on, then prices will go up."

Don Bentz, owner of Bentz's Town Pump says, "anytime you have a supplier like that that is having conflict in their area there's always concern about whether they will be able to continue to get the oil out of that area."

Bentz says America's domestic oil supply has increased over the years.

"Because of our recent fracking techniques and drilling techniques that have improved greatly over the last few years, the supply of oil and natural gas and natural liquified gasoline has really been on the increase."

Hinchey says the ups and downs of oil costs are nothing new and this happens from time to time.

"Oil is a global market. We're not the only game in town and certainly has an effect on, you know, things that might happen in the future."

Hinchey doesn't recall the last time prices rose due to conflict in another country, however, hurricanes are another story.

"I can't remember another conflict in a while, but probably last summer with the hurricanes, you know, that entered the Gulf. And then some of them might have some effect on production, some of them may not and then they leave."

But there are other factors that could contribute to the fluctuation in price.

"As those hurricanes approach, companies may shut production for a short period of time so there will be a price jump and then it will go right back down as soon as the hurricane is over."

There is an effort in congress to move forward with the Keystone XL Pipeline, connecting oil supply between Canada and the US, but Hinchey says it could be as long as a year or longer before we see any progress.

Experts say it's normal for gas prices to rise during these summer months and the current average price for a gallon of regular gas was similar this time last year.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KCWY News 13 141 Progress Circle Mills WY, 82644
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 263567601 - kcwy13.com/a?a=263567601