Gas prices spike on Saudi attacks
The average U.S. price of regular-grade gasoline has spiked 10 cents per gallon (3.8 liters) over the past two weeks to $2.73.
Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that jump results mostly from a drone attack this month on Saudi Arabia's key oil processing facility. The attack briefly slashed the nation's crude production in half before being restored.
"While a lot of that Saudi oil production supply has on back on line, and crude prices came down, the damage to the Saudi oil processing plant may make it more difficult for the Saudis to export that oil, keeping upward pressure on crude and gasoline prices" notes Phil Flynn of The PRICE Futures Group and FOX Business contributor.
He also notes it is a reminder of the influence the Middle East continues to have on global crude prices. "Despite the fact that the U.S. is the bigger producer of oil, things that disrupt supply on the other end of the globe can still hit us in the wallet."
GAS PRICES NATIONWIDE
- San Francisco:
Highest average: $3.94
- Baton Rouge, Louisiana:
Lowest average: $2.24
Source: Lundberg Survey
Despite the spike, the price at the pump is still 18 cents lower than it was a year ago.
The average price of diesel is up 7 cents, to $3.07 per gallon.
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The Associated Press contributed to this report.