On Saturday, September 14th 2019 two major oil installations in eastern Saudi Arabia were attacked.
The world’s largest oil processing facility and a major oilfield operated by Saudi Aramco were hit by 25 drones and missiles.
Investigations are underway and at this time it is still unclear who is responsible for the attacks on the Saudi oil facilities. Within the past week, Houthi rebels claimed responsibility for the attacks, however officials of the U.S., Germany, France and the United Kingdom are rejecting such claims.
What does this attack mean for the U.S?
The attack causes a ripple effect for drivers in the U.S and will ultimately influence prices at both the wholesale rack and retail stations.
Fuel prices have already risen as a result of the attack and will continue to increase as much as 25 cents per gallon. Luckily, fuel shortages and disruptions in supply are not expected.
Spiked fuel prices will continue until Saudi Arabia is able to restore lost output. According to The Wall Street Journal, the energy minister of Saudi Arabia has said that their country is set to return to standard oil production within a few weeks.
Ramos Oil will keep you updated on fuel prices and market trends as more information becomes available.
Contact Ramos Oil for any further questions!