RI Gas Prices Could Rise Due to Attack on Saudi Arabia Oil Facilities

RI Gas Prices Could Rise Due to Attack on Saudi Arabia Oil Facilities

Rhode Island's gas prices could rise following attacks on two oil facilities in Saudi Arabia last weekend, which took six percent of the global oil supply off the market, says AAA Northeast.

AAA estimates that the jump could be as high as a quarter per gallon over the month.

“Right now, AAA is forecasting that Americans can expect local pump prices to start to increase this week. Whether this is a short or long term trend will be determined by the price of crude oil and how quickly the facilities in Saudi Arabia can recover. Damage to the facilities is still being assessed, but there is no word if it will be days, weeks, or even months before the infrastructure in repaired and back online,” said Diana Imondi, AAA Northeast Manager of Public Affairs & Traffic Safety.

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The Attacks

According to Time Magazine, a rebel group in Yemen claimed responsibility for the attacks that targeted a facility belonging to Saudi Aramco, the national oil company for the Kingdom.

The attack, which was done by drone, produced major fires and smoke. 

“Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed,” President Donald Trump wrote on Twitter.

The facility is said to produce more than 1 million barrels of crude oil a day.

Gas Prices This Week

According to AAA Northeast, there was no immediate impact as gas prices are down three cents this week.

AAA’s September 16 survey of prices in Rhode Island finds self-serve, regular unleaded averaging $2.49 per gallon.

Rhode Island’s price is seven cents lower than the national average for regular unleaded of $2.56.

A year ago at this time, the average price in Rhode Island was thirty-six cents higher at $2.85. 

Today’s local gas prices and their ranges are as follows:

Self Serve                                           Grade                        

$2.49 ($2.30-$2.69)                            Regular Unleaded                  

$2.74 ($2.50-$3.01)                            Midgrade Unleaded               

$2.92 ($2.70-$3.11)                            Premium Unleaded                

$2.94 ($2.69-$3.35)                            Diesel