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Motorists may want to refuel as soon as possible, gas prices in the United States should increase this week after a very damaged attack. two oil installations in Saudi Arabia.
Patrick DeHaan, Petroleum Analysis Manager at GasBuddy, told CBS MoneyWatch that consumers should expect pump prices to rise 10 to 25 cents per gallon of regular gasoline as of Tuesday. . On Sunday, the average price of gasoline was $ 2.68, down 15 cents from July.
"At 6 pm tonight, we'll start seeing the tankers fill up and adjust their prices," DeHaan said. "The first gas stations will fill up with more expensive gasoline later in the evening – we may see prices rising later tonight, but that would be the earliest. the first impact hits the pump tomorrow. "
The effect of the attack will be spread relatively evenly across the country, but gasoline prices on the west coast could be slightly higher than in the rest of the country, DeHaan said . The region accounts for nearly half of US crude oil imports from Saudi Arabia. Refineries in California, in particular, depend on imports from the kingdom because they do not have access to pipelines that link oil supplies to Texas.
Trilby Lundberg, publisher of the Lundberg Survey on US fuel markets, also expects an increase in gas costs, citing the soaring oil prices following the attack on the Abqaiq oil processing plant and an oil field in Saudi Arabia. The strike, which would have involved a combination of drones and missiles, halved the country's oil production. US and global benchmarks for crude oil jumped 19% early Monday.
"At this time, we have a first idea of the oil market's reaction to these attacks and, according to the major benchmarks, we expect the price of gasoline to US reaches 16 cents, "said Lundberg.
Trump: "We do not need oil from the Middle East"
Despite these predictions, President Donald Trump seemed to want to iron out the fears that the attack, coupled with rising tensions in the Middle East, is hurting consumers by driving up energy prices in the United States. United States.
"Because we have been so successful with energy over the past few years (thanks, sir!), We are a net exporter of energy and, at present, the leading producer of energy. energy in the world.We do not need oil from the Middle East & Gas, & have actually very few tankers out there, but will help our allies! "he said Monday in a tweet.
US Secretary of Energy Rick Perry said on Monday that the Energy Ministry was ready to release oil from the strategic oil reserve to offset the effects of the attack on global markets of energy.
Domestic gas prices are mainly related to global supply and demand. DeHaan, however, feared that the attack would have a permanent effect on the minds of energy market players, as it challenges Saudi Arabia 's role in as a stable oil producer. "A permanent risk assessment could be added to the price of oil."
TD Securities analysts said in a research note that such fears could raise the cost of oil by $ 3 to $ 4 per barrel, especially as tension increases between the United States and Iran. what the Trump administration officials blamed for the attack.
"Geopolitical risk has taken on increasing importance, and even though it is already part of the multitude of ingredients embedded in prices, it weighs more in this mix," Lundberg said.
The magnitude of short and long-term gasoline price increases will depend on how quickly Saudi Arabia will be able to restore oil production. A prolonged disruption could have a "dramatic impact" on prices, said DeHaan.
Fuel-dependent businesses, including airlines, as well as shipping and transportation stakeholders, will likely feel the effects. Shares of Delta, JetBlue Airways and United Airlines all lost at least 3% Monday, while those of American Airlines fell 6.5%.
Shares of oil companies rose, with Exxon and Chevron shares each up nearly 1.5% and BP shares up 3.7%.
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