Following Saudi Arabia, oil fields attack, many U.S. citizens are worried that gas prices will continue to rise.
The attacks, which were on two Saudi Arabia oil plants, have taken a large amount of the worlds oil supply off of the market.
” Gasoline is refined from oil. So when the raw material, which are the oil prices, go up…eventually it works through the system and gas prices go up.”– James Kleckley, Director of Professional Services and Research for ECU’s College of Business
Following the incident, many gas stations in the U.S. have raised their prices. Thankfully since the attack, prices have started going back down. Due to the U.S. producing more oil than Saudi Arabia, we aren’t seeing significantly heightened fuel prices.
Although fuel prices are uncertain as of now, if things settle down between countries, the prices should return to a more normal number.