Ask CBS News: Will Oil Spill Affect Gas Prices?

ask cbs news with jeff glor and seth doane june 19, 2010
ask cbs news with jeff glor and seth doane june 19, 2010

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.

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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.

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