Ask CBS News: Will Oil Spill Affect Gas Prices?

In our ongoing "Ask CBS News" segment, we've answered your questions about the Gulf oil spill. Viewers can leave questions on "CBS Evening News" Anchor Katie Couric's Twitter page or the CBS News Facebook page.

Follow Katie Couric on Twitter
Like CBS News on Facebook
Special Section: Disaster in the Gulf

Tonight we answered another one of your questions.

A viewer asked: "How is the oil leak affecting the price of gasoline at the pump?"

CBS News Correspondent Seth Doane answered that gas prices are actually up about 3 cents from last year, but that's typical due to summer demand. U.S. inventories of gasoline are also up. However, if the oil spill were to continue to spread, that could prevent foreign ships carrying crude oil from getting to U.S. refineries in the Gulf, and if the drilling moratorium continues, that could also hurt demand. You could see supplies go down and prices go up. The region supplies about 30 percent of our nation's crude oil.

More Oil Spill Questions and Answers

Ask CBS News: Are BP's Oil Relief Wells Safe?
Ask CBS News: Is Gulf Shellfish Safe to Eat?
Ask CBS News: Can Foreign Ships Help Clean Up?
Ask CBS News: What's the Value of Oil Lost?
Ask CBS News: Why Doesn't La. Want Moratorium?
Ask CBS News: How Many Offshore Rigs are There?
Ask CBS News: Is Burning Oil on Water Effective?
Ask CBS News: Can I Volunteer to Clean Up Oil?
CBS News Answers Your Oil Spill Questions
CBS News Answers More Oil Spill Questions

[heavyduty250]

By the time that the media gets through bashing BP all the greenies will get their wish. But it won't be paradise like they think. It would take to many wind turbines to get everyone on electricity. Solar panels will work until the first hail storm or really high winds. Wind turbines will work until they wear out, and someone has to rebuiuld or replace them. Then there is the problem of taking the raw materials to make the components that are in the wind turbines and solar panels. Then there is the problem of relocating the turbines and panels to where they are needed. Then there is the problem of all the skyscrapers that use a lot of electricity. They don't have enough room on their roofs to put all the solar panels that they will need. Then you have to work on them when they quit working. Hauling new components up and the old down. These greenies don't have a clue to what they are wanting. While all this is going on they think that will have plenty of oil and gas to use until it happens. Yeah right, it will be just like the last thirty or so years that we have been running out of oil and gas. You forgot about that back in the seventies they said we were running out of fossile fuels. What did everyone do? We have increased the amount we use every year and we will continue to do so. Because we won't be able to buy any fuel from other foreign countries and we will go from the leader to a third world country. This country was built on God and oil. We can't survive without it.

[heavyduty250]

The only reason that gas prices will go up is because of the Presiden't fool hardy ban on drilling. Because those rigs won't wait for him to make up his mind as to whether or not he is going to let them drill. Four of the rigs are already leaving the gulf. If they can't finish their drilling they will capped the wells where they are at and leave to go where the countries will let them drill.
The gas prices will go up because we will be fully dependent on foreign oil. We will have to pay exactly what they want us to pay. After all it's their oil not ours. Along with President Obama and the News Media slamming BP and the AMERICAN PEOPLE not knowing exactly what is going on will believe them. If you think that you can go green. Then you need to price solar panels and wind turbines. Then you need to figure out how to raise them without cranes because they run of fossile fuels. Yeah, well if you want to use renewable energy I would suggest that you quit using everything that uses fossile fuels that makes this life the way you want it. Because when you quit using everything that depends on fossile fuels. You will not be using anything. Just stop and think about what uses fossile fuels. You will find that most everything we know of today will use fossile fuel maybe not directly. It's sort of like scientists telling God that they didn't need him anymore that they could create life without him. So he told them to go ahead and create life. They went and got a wheelbarrow full of dirt. God told them to make their own dirt. Something like that. So if you are really serious about going green then quit using the things that rely on fossile fuels.

[bcole88881]

The Gulf Catastrophe could have been avoided if the US were growing algae. Algae is renewable, does not affect the food channel and consumes CO2. No explosions, no fires, no deaths and no environmental problems. What's wrong with that???

Algae has been researched in US universities for over 35 years. It's time to move it out of the lab and go into commercial-scale production. Algaepreneurs are starting to build commercial-scale plants throughout the US using all off-the-shelf existing technologies. More algae production plants are coming online. Algae is one solution to get the US off of foreign oil and create new jobs right here in the US. The algae industry is being built today by Americans who all want to get off foreign oil.

[heavyduty250]

Then I would suggest the you grow your aleae and quit using my electricity that's made with oil and gas.

[cyberus-2009]

Of course it will .. to pay for the whole debacle BP will raise gas prices, and the rest will match that higher price and smile.

[heavyduty250]

What BP did will not raise gas prices that much. But what Obama did when banned all drilling. Will cause oil prices to go so high if we can get oil from foreign countries at all. You have to go back a few decades. But when Iran cut us off of oil there were lines at gas stations miles long. Then you had to hope they didn't sell out before you got there.

[heavyduty250]

BP doesn't sell oil anymore. It just drills the wells. Which is much better. The BP stations just pay for the name not the fuel. They can buy their fuel from anyone they want to.

[Jhihmoac]

A no brainer...of course!

[skepticalJM]

Gas prices soared after Katrina; and even though the price of oil went down they did not. We listened to our government make all kinds of excuses, but the explanation never came out WHY they tripled in price. The only thing that did come out was that a lot of rich oil people made a lot of money on the backs of the American people. The Republicans backed them, and would not even tax them; instead they taxed us! The Democrats stood by and just let it go as a fait accompli. We, the people of this country were duped and fleeced by these people who say they are working for us while they are only working for the rich. I hear you stupid people fight each other, calling each other names: liberal, conservative, that are totally meaningless, except to the rich and the media they control. Your all a bunch of gullible jerks that the rich continue to fleece with the help of the bought and paid for political machines they created. You know something, YOU and YOUR CHILDREN deserve it, for being so stupid, and letting them get away with it!

Do something!

Stop playing into their hands. Vote them ALL out of office, and take the government back into your hands where it is supposed to be; if you don't, it won't be long before America becomes just another third rate Latin American cesspool, like Mexico! Because that is exactly what these parties want it to become so they can have complete control of us.

But I guess I'm just whistling in the wind.

[larrryshrine]

It truly is a good time to go green. It's not that hard to do, and it starts with the individual. It's the most effective way to get off oil. I drive three to five miles a day. I bought a car that gets 27 mpg around town. My wife does the same. We get biodegradable bags at the store, or take cotton ones we can reuse. I walk to the store, even though I have a service dog. We recycle. I never drink out of disposable cups. I am not bragging, and I know that some people have to drive more. But we can do is a start. It may take years, but it is a mindset, and I know America can do it. Thank you.

[heavyduty250]

Then go green and quit using the electricity made with oil and gas. Quit using that 27 mpg car. It's using the oil and gas that you are bad mouthing. Go ahead and walk everywhere and sell you car. You need to turn off the ac and lights at the house. Get some candles and make a campfire to cook your food. I dare you

[rightbehind]

For what was spent on the Iraq war we could have put solar power on 1 of every 3 single family homes in the US. Instead the people who are bound and determined to keep the population in caged wheels have forced the use of fossil fuels. The drill here drill now nut cases are responsible for this spill.

[cado15]

I understand your point but it is much easier said than done. It took a long time to build our dependence on oil and it will not be turned around any time soon. This thick black stuff is a much bigger part of our lives than most people realize. We need to develop and implement alternatives as quickly as possible but given the state of the economy it will not be a quick process. In the meantime, we need to drill.

[heavyduty250]

Would you like to the second or third home that doesn't have it? The reason that you are even here is because those men and women defended this country so you could voice your comments. So don't say anything about the war unless you have been there and done that.

[cado15]

Ok , first off if tankers cannot get to the refineries , it will hurt supply not demand. This spill will certainly have longer range implications for gas prices. We will have much more stringent guidelines and safety measures with the oil companies so will be much more expensive to extract the oil. That combined with the 6 month moratorium will assure that the 3,500 or so wells currently in the gulf will be reduced as big oil relocates to 'friendlier' parts of the world. Part of the reason there are so many rigs in the gulf is that the MMS was so relaxed in it's oversight of drilling operations. All of the companies operating in the gulf had similar disaster response plans.The only effective disaster plan was prevention. They all know a spill like this could not be contained.While they certainly failed at prevention, BP has the most resources to respond to something like this.

[rightbehind]

Here's some reality. No matter how much we drill here and drill now the oil automatically goes into the world oil market. The US has to buy it back. The drill here drill now nut cases just helped to sign over more of our coast to global corporate tax havens. Most of the oil drill off our coast is for the world market.

[Lickedy]

Yup, get the K-Y jelly ready ! The Federal Reserve will now have a way of getting the money back they sent out, and then some !
Just remember, take it nice n easy, and go with the rhythm !