Gas prices could increase after the drone strikes on two Saudi Arabia oil refineries on Saturday, Sept. 14.
Over the weekend, Patrick DeHaan, head of petroleum analysis at GasBuddy, said on Twitter that U.S. gas
stations might see an increase in gas prices this week, some as early as Tuesday and some later on Thursday or Friday, depending on how fast the refineries of Saudi Aramco can restore lost output.
Saudi Arabia produces approximately 10 percent of the world’s supply of crude oil. The U.S. imports about 9.93 million barrels a day of petroleum, including crude oil, which is used to produce gasoline. Approximately 9 percent of that comes from Saudi Arabia, according to the U.S. Energy Information Administration. The U.S. receives 43 percent of its petroleum from Canada.
The Saturday attack is being called the worst disruption to world oil supplies on record. The International Energy Agency estimates the incident is causing a gross peak supply loss of 5.7 million barrels of crude oil a day.
DeHaan predicted a “minor” impact on U.S. gas prices due to the attacks. However, on Monday, Sept. 16 he tweeted that gas prices were already expected to jump.
“Again, #GreatLakes are likely to see #gasprices jump today but this was in the pipeline before the attack on Saudi Arabia due to price cycling. MI, IN, OH, KY, IL are likely to see the rise today most likely or tomorrow,” he wrote.