United States

Attack on Saudi Arabian Oil Facilities May Cause Jump at Pump

One expert said the attack may cause a short-term jump at the pump, but expected prices to even out in a few weeks.

There are concerns that gas and oil prices will increase after an attack on oil facilities in Saudi Arabia.

The plant attacked is the world’s biggest oil production facilities. 

Connecticut drivers are already heading to the pumps to fill up their tanks just in case prices go up.

The cost of filling up is always a concern for Brian Cap, whose job requires him to travel throughout the state. He fills up his tank at least twice a week.

“Gas prices are a little extreme and I’m worried about that after the attack on Saudi Arabia,” said Cap. “I travel all over the state and filling up quite often.”

On Saturday, Saudi Arabia’s oil was attacked, triggering the largest jump in oil prices in nearly three decades. The attack creates long-term issues for Texas oil refineries.

Bruce Deitch is the co-owner of Deitch Energy and says it won’t create long-term issues for consumers.

“Short term, you’ll probably see it at the pump,” said Deitch. “In terms of heating oil at home, in two to three weeks, you won’t even know what happened.”

Twenty-four hours after the attack, some oil companies have seen a 15 cent spike in oil creating a small time problem for business owners and homeowners.

William Boyd is use to the high prices for heating oil.

“It was good when it was 99 cents a gallon which wasn’t bad,” said Boyd. “But, then it went up to $4 a gallon, so I vowed not to have heating oil in my next house.”

While he made the switch early, homeowners across the state have renewed concerns.

Deitch says the attack could’ve been detrimental 30 years ago, but, says since the U.S. is the number producer of crude oil, we’re less reliant on other countries for oil.

“When something like this happens the initial reaction is there’s going to be a price spike,” said Deitch. “It’ll probably be a short-term spike and then in a couple of weeks, it’ll probably reverse itself.

Deitch says the attack could have been costly but consumers probably won’t see a major rise in oil prices before winter.

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