Consequences of the attack on Saudi Arabia: gasoline will rise sharply in the US - ForumDaily
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Consequences of the attack on Saudi Arabia: gas prices rise sharply in the US

Motorists may be better off filling their tanks now than later, as it is expected that gas prices in the US will rise this week. These are the consequences attacks, which caused serious damage to two oil facilities in Saudi Arabia.

Фото: Depositphotos

Patrick DeKhan, head of gas analysis at GasBuddy, told CBS MoneyWatch that fuel prices are expected to rise from consumers starting Tuesday. On Sunday, the average gas price was 2,68 dollars, which is less by 15 cents than in July.

«Сегодня в 6 часов вечера мы начнем наблюдать, как автозаправочные станции корректируют свои цены, — сказал ДеХан. — Первые автоцистерны будут заполнены более дорогим бензином позже этим вечером».

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The effect of the attack will be distributed relatively evenly throughout the country, but gas prices may be slightly higher on the West Coast than in the rest of the country, DeKhan said. The region accounts for almost half of all oil imports from Saudi Arabia. In particular, California refineries are dependent on imports from the kingdom, as they do not have access to pipelines connecting oil supplies to Texas.

Trilby Lundberg, the publisher of Lundberg Survey in the US fuel markets, also expects an increase in gas costs, citing a spike in oil prices following the attack on the Abkaik refinery and key oil field in Saudi Arabia. Атака, which reportedly could include a combination of drones and missiles, cut the country's oil production by about half. The US and global crude oil indices jumped by 19% in early trading on Monday.

“Right now we have the first assumptions about the reaction of the oil market to these attacks, and based on this, we expect that the blow to gas prices in the US will amount to 16 cents,” Lundberg said.

Despite these predictions, President Donald Trump seems to be trying to ease fears that an attack coupled with rising tensions in the Middle East could harm consumers by triggering rising energy prices in the United States.

Photo: Facebook /The White House

“Since we have succeeded in the energy sector over the past few years (thanks, Mr. President!), We are a net exporter of energy, and now we are the number one energy producer in the world. We don’t need Middle Eastern oil and gasoline, and in fact there are very few tankers, but they will help our allies, ”he said on Monday on Twitter.

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US Energy Secretary Rick Perry said Monday that the Department of Energy ready to release oil from the Strategic Oil Reserve to offset the effects of an attack on global energy markets.

Domestic gas prices are mainly related to global supply and demand. But DeKhan expressed concern that the attack could have a “permanent impact on the psyche” of energy market participants, as it suddenly casts doubt on the role of Saudi Arabia as a stable oil producer. “A constant risk assessment added to the price of oil may be maintained.”

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Analysts at TD Securities in their study note that such concerns could raise the price of oil at 3-4 dollars per barrel, especially in connection with the growing tensions between the US and Iran, which Trump administration officials accuse of the attack.

“Geopolitical risk plays an important role, and although it is one of the many ingredients that shape the price, it is geopolitics that has a significant impact,” Lundberg said.

The degree of short-term and long-term growth in gas prices will depend on how quickly Saudi Arabia can restore oil production. According to DeKhan, a lengthy process can have a “dramatic effect” on prices.

Fuel-dependent companies, including airlines and carriers, are likely to feel the impact. Shares in Delta, JetBlue Airways and United Airlines fell by at least 3% on Monday, while American Airlines fell by 6,5%.

Shares of oil companies rose: Exxon and Chevron shares rose almost 1,5%, while BP shares rose 3,7%.

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