Economy

US gas prices spike after Saudi oil field attacks

Prices for gasoline in the United States rose nearly 1.5% Tuesday after weekend drone attacks on Saudi Arabian oil fields, according to energy experts.

The average national price jumped 3 cents to $2.59 per gallon, per AAA. And in California, average prices jumped 2 cents to hit $3.65 per gallon. Analysts predict a gain of 10 to 25 cents per gallon in the coming days.

While prices near $3 are concerning, though, they aren’t likely to impact the economy the way the $4 price in 2008 did for consumers, as oil prices spiked to more than $100 a barrel.

“We think the market is going to settle by Friday or Monday and correct itself,” Steve Neely, president of fuel supplier Noil Petroleum, said.

CLICK HERE TO READ MORE ON FOX BUSINESS

Saudi energy minister, Prince Abdulaziz bin Salman, said during a Tuesday press conference that the kingdom’s oil supply is fully back online.

CORRECTION: Gas prices rose about 1.5 percent after weekend drone attacks in Saudi Arabia. The percentage was inaccurate in an earlier version of this story.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button