The threat of a military strike against Syria, accused of launching a chemical attack on civilians in Damascus, pushed crude oil prices past $110 a barrel earlier this week for the first time in 2½ years.
The price increase will hit gasoline prices at pumps soon, industry analysts say, but not nearly as hard as it once might have. Buffering the blow is the surge in domestic oil production and rise in US refining capacity. The end of the busy summer driving season after Labor Day also will help.
“The combination of those factors seems to suggest that the pump price spike might only be 20 cents from this event,” said Phil Flynn, an oil analyst. “Once it might have been 50 cents to $1.” Full story for BostonGlobe.com subscribers.