Gas Prices Jump 10 Cents In Dallas-Fort Worth After Attacks On Saudi Oil
NORTH TEXAS (CBSDFW.COM) - A drone attack that happened halfway around the world is having an impact in Dallas-Fort Worth.
The attack that hit two oil facilities in Saudi Arabia last weekend disrupted the global oil supply.
"I have seen reports of a $.30 jump overnight," said Daniel Armbruster, a spokesman with AAA.
Drivers who filled up their tanks this week may have noticed higher gas prices. Experts said depending on what happens in the Middle East, the costs could keep climbing.
"No one has a crystal ball here," Armbruster said. "There's some speculation this could be fixed in a few days, but it could also be a few weeks, up to a few months."
AAA reported higher spikes in Dallas-Fort Worth compared to other parts of Texas.
On average, gas prices jumped roughly $.10 in Dallas-Fort Worth between Monday and Tuesday. In Dallas, the current average is $2.36 and in Fort Worth, the current average is $2.35.
In comparison, statewide prices increased by five cents on average to $2.30 during the same time period.
Those figures still fall below the national average, which AAA estimates to be $2.60.
During a news conference, Saudi Arabia's energy minister said half of the oil production that was lost has been remedied, adding that normal production would start again by the end of September.
Experts said the loss represented five percent of the world's oil supply.
"The Saudis produce roughly 10% of the global oil and about half of that was knocked out as a result of this attack," said Bruce Bullock, the director of the Maguire Energy Institute at SMU Cox School of Business.
But Bullock said consumers should not panic, at least not yet. He advised drivers against flocking to the pumps.
"The market right now happens to be well supplied in fact, over supplied, and there's a lot of oil in storage and inventory," Bullock said.
In the meantime, he said consumers should compare prices to find the best deals. Gas Buddy and AAA both offers apps that list local gas prices.