SoCal Drivers May Soon Pay Upwards Of $4 Per Gallon Of Gas Following Saudi Refinery Attack
LOS ANGELES (CBSLA) — Gas prices in Southern California continued to soar following the Sept. 15 drone attacks on oil facilities in Saudi Arabia.
The average price of gas in Los Angeles jumped three cents Wednesday to $3.85 per gallon and was expected to pass the $4 mark in the next few days, according to Gas Buddy senior petroleum analyst Patrick DeHaan.
Gas prices could be on their way to $4.15 and $4.30 per gal in the next 10 to 14 days, DeHaan reported.
Prices surged 15% immediately after the attacks and as of midday Monday, Sept. 16, global oil prices moved 10% higher.
Pain at the pump is likely only going to get worse following last weekend's missile attacks on the heart of Saudi Arabia's oil infrastructure.
Saudi Arabia said the Sept. 15 attack cut its oil supply in half, disrupting the production of 5.7 million barrels a day, the equivalent of roughly 5% of the world's daily supply.
Iran was being blamed for the attacks, which U.S. and Saudi Arabian leaders called an act of war — Iran has denied any involvement.
What is uncertain is exactly how much higher fuel prices will rise.
Analysts said while it may take some time to show up at the pump, the disruption could force gas prices in Southern California higher by more than 50 cents per gallon in the coming days.
"We do know that many drivers can expect to pay more in the pump in the coming days," Doug Shupe, spokesperson for AAA, said. "And in fact, in some areas, these price increases at the pump could be as a much as a quarter per gallon over the course of a month."
Other factors, like time of year, may also play a factor in the price of fuel.