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Oil industy watching rising gas prices

Updated:
Rising gas prices in recent weeks have the state’s oil industry gearing up to meet the demand.

Prices in Tulsa are around $1.45 while the average nationwide is $1.57. The average at this time last year was $1.12.

Keener Oil and Gas Company President Dewey Bartlett says the price of gas and oil is likely to go up if there is a war with Iraq.

“Iraq is in a part of the world where a very significant amount of oil is produced that is sold worldwide. If the market thinks that amount of crude oil is in jeopardy, that makes everyone scared."

The price of crude oil is about $32 a barrel compared to $20 just last month.

With governmental problems in Venezuela, one of the world's largest crude oil suppliers, Bartlett says the U.S. domestic oil producers are in a position to drill and sell more oil but they need the support of the federal government.

"If we don't have to depend on those unfriendly countries wouldn't that be a nice situation for us."

The price of crude oil jumped after Saddam Hussein invaded Kuwait and kicked off the first Persian Gulf war.

The price was $21.54 before the invasion and $41.15 after the invasion. It dropped to $30.56 one day after U.S led strike to drive Iraqi forces out of Kuwait.
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