Sep 19, 2019

Where and by how much gas prices have gone up since Saudi oil attacks

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Data: AAA; Explore the data; Graphic: Naema Ahmed/Axios

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.

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What oil price shock? American worries turn to the environment

Illustration: Sarah Grillo/Axios

NEW YORK — The United Nations climate-change summit kicks off here today, a week after oil prices jumped more than they ever have in history.

The big picture: These two developments offer a window into how Americans view energy and the environment today — with relatively low oil prices making room to worry more about the environment.

Go deeperArrowSep 23, 2019

BP CEO: "Remarkable" that prices stabilized so fast after Saudi oil attack

Smoke billows from an Aramco oil facility, Sept. 14. Photo: AFP/Getty Images

Following the Sept. 14 attacks on Saudi Arabia's oil facilities, BP CEO Bob Dudley said he found it a "remarkable thing that the oil market settled down so quickly."

Why it matters: His comments, made to Axios in an interview Monday in New York, are the latest sign of how much has changed in the global oil industry over the last few years partly as a result of America's booming oil production.

Go deeperArrowSep 24, 2019

The fading Saudi oil freakout

Data: FactSet; Chart: Axios Visuals

Remember the Jurassic era of oil markets in, uh, mid-September, when aerial attacks left the Saudis reeling and talk of big geopolitical risk premium was all the rage? Things look rather different now.

Driving the news: Both Brent and WTI prices have come down a lot since soaring after the attacks that initially knocked 5.7 million barrels per day of Saudi production offline. The chart above captures WTI's moves.

Go deeperArrowSep 26, 2019