Saudi attacks threaten U.S. gasoline price hikes, particularly in California

U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia’s oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom. The attacks on Saudi Arabia’s oil facilities on Saturday knocked out more than 5% of global oil supply and sent oil prices surging as much as 20%. U.S. pump prices are likely to rise in coming days as gasoline futures spiked by more than 10% on Sunday trading, analysts said. The national average price of regular gasoline was currently $2.57 per gallon, according to AAA. However, California motorists, some 8,000 miles (13,000 km) away from Saudi Arabia, could be hit the hardest. Refineries in that state rely heavily on imports for supplies due to its isolated location and lack of pipelines to connect it with oil-rich states such as Texas.

Spotlight

Spotlight

Related News