Will Arizona see higher gas prices after attack on Saudi Arabia plant?
PHOENIX — Arizonans may see an increase in gas prices following this weekend’s attack on Saudi Arabia’s largest oil processing plant, one expert says, but the state shouldn’t see anything record-breaking.
Patrick DeHaan, analyst with GasBuddy, told KTAR News 92.3 FM on Monday that Arizona could jump from a $2.83 per gallon average to $3 in the next few weeks, which it hasn’t seen since June.
However, “almost no areas across the country should breach the previous 2019 highs,” he said.
Saudi Arabia’s facility was hit with drone attacks Saturday, knocking 5% of global oil production offline. Yemen’s Houthi rebels claimed responsibility, but U.S. officials have blamed Iran for the strike.
DeHaan said a steep jump in crude oil prices “highlights that the market has been shaken to its core.”
“The market is looking for Saudi Arabia to restore it as quickly as possible,” he said.
“If they can’t do that, we could see further escalations in the price of oil, and thus gas prices.”
However, even with the big loss, DeHaan said he expects no shortage of gasoline.
“I do expect that reserves and inventories on hand should be adequate to get the U.S. through the recent drop in production from Saudi Arbaia,” he said.
KTAR News 92.3 FM’s Jim Cross and The Associated Press contributed to this report.