Saudi Arabia’s facilities continue to impact U-S gas prices

Gas prices continued to climb overnight for the fourth straight day following facility shutdowns from attacks in Saudi Arabia this past weekend. North Carolina’s $2.45 average is up one cent overnight and 10 cents on the week. South Carolina’s $2.36 average is up one cent overnight and 13 cents on the week. The timeline for Saudi Arabian facilities to resume normal operations remains fluid. The Saudi energy minister says half of the oil production that was lost has been restored and normal production would resume by the end of September. If this proves true, according to the motor club AAA Carolinas, any price spikes being realized now will be short-term. “The attacks caused a spike in the price of crude oil, which has led to higher costs at the pump,” said Tiffany Wright, AAA Carolinas spokesperson. “Typically, as we approach fall we should be seeing cheaper prices at the pump, so it’s unfortunate we’re experiencing increases across the Carolinas. We’re hopeful that these more expensive prices won’t last long.”
Additionally, U.S. dependence on Saudi Arabian crude imports has decreased in the past decade. In the first half of the year, on average, the U.S. imported about 18,000 bbl as compared to 35,000 bbl in the first half of 2017.