Oil Prices Skyrocket Amid Libyan Unrest
UNDATED — Oil prices are up again today by 6-percent to $95 a barrel meaning you should expect another jump at the gas pump today or tomorrow.
First Fuel banks owner Jim Feneis says despite the unrest in Libya, oil supplies are healthy. Even so, he says oil is a futures market and traders buy and sell on fears.
And, Feneis says it will translate to higher gas prices for you and me almost immediately. He says it could be as high as a 20-cent jump at the pumps.
He says it’s unclear whether President Obama will step in and threaten to release some Strategic Petroleum Reserves to help stabilize the market.
The good news is that Saudi Arabia’s oil minister says the oil powerhouse has ample spare capacity to offset any supply disruptions.