How much will the price of oil increase because of the tsunami?

Seems like whenever something happens, no matter what it is, they use as an excuse to raise the price of oil.

They have us over a barrel and are playing ‘hide the wienie’ with us.

3 Responses to “How much will the price of oil increase because of the tsunami?”

  1. raymond_borowiak Says:

    demand is going down as they won’t be using it in Japan, so is the price going down
    I mean you seen all those cars that won’t be using gas any more being swept away by the tidal wave?

  2. Sir Studley Smugly Says:

    None. It will go down, if anything. Japan is the 3rd largest consumer of oil in the world, and the earthquake did a lot of damage – there won’t be as much demand. That’s going to put a downward pressure on prices on the open market.

  3. brad Says:

    Not too much; as no oil producing regions were hit. However, since a Japanese oil refinery was damaged, local prices of oil will increase slightly. And any possible international price spike will calm in a few days, unless of course it is eclipsed by price hikes from the unrest in the Mid-East.