(NEW YORK) — Global oil prices on Wednesday closed in on $102 a barrel for the first time in over a year. But motorists shouldn’t be too worried about a sudden spike in gas prices, according to Tom Kloza of the Oil Price Information Service.
“I don’t think we’re looking at any sort of explosive move in oil prices. The U.S. is going to be producing more crude oil than we’re importing probably within the next six weeks or so,” he says.
Stock futures fell ahead of Wednesday’s opening bell, with worries that higher oil prices could push up energy costs for businesses and consumers. But Kloza says the worries about oil could be overblown.
“We’re using less as a country. We’re producing more as a country and our refining is in good shape so the headlines tend to get the financial community a little bit more excited than the American consumer,” he says.
Copyright 2013 ABC News Radio
Madison Park, CNN
Kathryn Vasel, CNN
David Goldman, CNN