Drone attacks on Saudi Arabia’s oil production sites are expected to make gas prices spike by about 25-cents in Missouri and elsewhere by the end of the month. Mark Peterson of Auto Club Triple-A says the world’s largest oil location was hit.
“Attacks have taken about 5.7 billion barrels of oil off the market, which is about six percent of the global supply,” he says. “Prior to that, crude oil was healthy around the country. In fact, we were sitting on a global glut.” Last weekend, gas prices were around two-dollars-and-40-cents ($2.40) a gallon. Peterson says how long the higher prices last depends upon how long the Saudi facilities are down.
Mark Peterson of Auto Club Triple-A says how long the higher prices last depends upon how long the Saudi sites are out of service.
“Suffice it to say, we’re going to see some increases at the pump,” Peterson says. Wholesale gasoline prices were 15 cents a gallon higher nationwide by midday Monday. President Trump has said he’s prepared to tap into U.S. oil reserves if Saudi Arabia’s oil production does not rebound quickly.
