Five facts on how Israel, Ukraine, and Iran tensions affect global energy markets and American fuel prices.
We rely on crude oil and the chemicals we produce with it to power our vehicles, homes, and businesses.
"Oil supplies were restricted almost overnight," says Jeff Barron of the Energy Information Administration."That led to the inability of crude oil purchasers, such as refiners, to be able to access their crude supplies, to be able to produce the fuels needed, you know, for everyday people." "If global refiners think that some type of supply disruption is going to occur or could be long-lasting, generally speaking, they are going to bid up the price to be able to access those barrels," he says.
Staples says that"in 2019, a Saudi Arabian oil refinery complex was attacked by missiles that originated from Yemen.""Because America was the leader at that time and we were showing even more growth, it didn't have the impact that most market participants thought that it might have," says Staples."We've seen tankers stuck in the Suez Canal, and because of American strength and American production. We've seen the impact muted there as well.
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