SoCal Gas Prices Jump 10 Cents In 3 Days Following Saudi Refinery Attack
LOS ANGELES (CBSLA) — Gas prices in Southern California have been soaring since last weekend's drone attacks on oil facilities in Saudi Arabia.
Drivers at a gas station in Sherman Oaks cringed when they noticed a gallon of gas had gone up 10 cents in the past three days.
"Fortunately I live very close to work...but I know a lot of people will be affected by it," said Sherman Oaks resident Joshua Harman.
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.
"I just have to pay it at this point. I have no option not to," said one driver.
Saudi Arabia said the Sunday 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.
Gas prices surged 15% immediately after the attacks and as of midday Monday, global oil prices moved 10% higher.
Iran is being blamed for the attacks, which U.S. and Saudi Arabian leaders have 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.
Where prices go from here depends on how fast Saudi oil fields can get back up to speed.
