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The SPR simply \"acts to limit the concern of oil trade being severely disrupted,\" according to DeHaan.

While DeHaan predicts we're \"not to the point of needing that oil just yet,\" as the Saudis have said they have inventories to utilize to make up for any drop in output, the SPR \"would help limit the impact of oil prices and thus gas prices.\"

Another factor that can bear influence on oil prices is the Organization of the Petroleum Exporting Countries (OPEC) which has control of about one-third of the world's oil production, according to DeHaan, who said, \"they control a significant amount of oil production.\"

What does this all mean for consumers?

For consumers, \"The impact at the pump is kind of directly proportional to the level of shock that any news would bring.\"

As for short-term effects for consumers from Monday's spike in oil prices, DeHaan says consumers shouldn't be too wary yet.

We may see \"gas prices going up a few cents per day for the next few weeks,\" he predicted. \"I'd say the total impact is going up 10 to 25 cents a gallon two weeks from now.\"

\"But I don't think that gas prices will rise above their previous 2019 highs,\" he added.

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