2010 Archives

Energy experts disagree on whether gulf oil spill will lead to higher gas prices


The following is from the May 3, 2010, edition of The Fort Worth Star-Telegram. Bernard Weinstein, associate director of SMU's Maguire Energy Institute, provided expertise for this story.

May 6, 2010


The massive oil spill in the Gulf of Mexico won't cause higher retail gasoline prices, two people familiar with petroleum markets said Monday. But a third said he thinks that it will be a contributing factor in boosting pump prices. . .

Bernard Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University in Dallas and a well-known economist, said the oil spill will contribute to higher pump prices "because of the uncertainty it creates," especially in regard to its potential to curb domestic offshore drilling.

"Without question, we're going to be looking at higher gasoline prices ... oil prices are already going up," said Weinstein, who was attending the annual Offshore Technology Conference in Houston on Monday. . .

In futures trading Monday on the New York Mercantile Exchange, oil closed at $86.19 a barrel, up 4 cents, in contracts for June delivery.

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