Where and by how much gas prices have gone up since Saudi oil attacks
Gasoline prices have gone up across more than half the country following last weekend’s attacks on Saudi Arabia oil infrastructure.
Where it stands: Since Monday, the national gasoline price average has increased 9 cents to $2.65 a gallon, according to AAA, which predicts the average could jump as much as another dime this month. Spokeswoman Jeanette Casselano wouldn’t speculate when prices would start going back down.
One level deeper: The greatest increases are in the Midwest and Great Lakes region, which Casselano says is not atypical because this region often sees high volatility.
- Alaska was the one state to see (a very tiny) decrease: $0.008.
The big picture: Gas prices remain pretty low, as they have the last few years, compared to a decade ago when they were hitting the $4 mark.
What’s next: Saudi Arabian officials have said they will fully restore oil supply by month's end, and that half the 5.7 million barrels per day of production knocked offline in the weekend attacks is back, Axios’ Ben Geman writes.
- Whether this is a short- or long-term impact on gas prices will greatly depend on how soon Saudi facilities are back up and running as well as crude oil prices, which account for more than 50% of the price at the pump, Casselano writes.
Go deeper: Check out the data, with state-level gas prices, here.