|Published:||May 01, 2010 4:42 AM EDT|
|Updated:||May 01, 2010 4:42 AM EDT|
LEE COUNTY, Fla. - So what does this oil spill mean for you at the pump?
A lot of people are expecting to pay more for gas because of this oil spill, but that may not be the case.
The Coast Guard said about 5,000 barrels of oil are leaking per day from where the drill ship Deepwater Horizon exploded and sank. Now, the spill has the U.S. government tightening regulations on offshore drilling. That has investors worried.
Oil rose above $86 a barrel. Gas is also rising - now at $2.88 a gallon. That's three cents higher than a week ago... and .83 higher than a year ago.
"The price of the gas is already going up, up, up instead of going down, down, down."
Will prices continue to rise?
"The price of gas is already high and the oil leak will probably raise the gas more."
"Just the cost of the cleanup is going to affect the prices of gas I would think."
But several energy analysts said they don't expect the spill to have much affect on prices at the pump.
"That's what they say all the time, but you, me, and anybody else knows that's not true."
"I think that's their way of easing the pain on us right now, but I believe it's going to cause a lot more problems than gas prices."
One analyst with Oppenheimer & Company told CBS prices are already above where supply and demand should put them and the amount of oil from this spill is just a fraction of the amount of oil in the market.
At least 1.6 million gallons of oil have spilled from that rig that is operated by BP.
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