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News Brief

Sept. 17, 2019 |  By: Whitnee Ice

Saudi Arabia oil field attack will dramatically affect gas prices locally

President Donald Trump says it's "looking like" Iran was responsible for the attacks on key oil installations in Saudi Arabia, but he says he doesn't want war. Trump said Monday at the White House that the U.S. is not looking at retaliatory options until he has "definitive proof" that Iran was responsible. Still, Trump told reporters in the Oval Office that the U.S. "is prepared" if the attacks warrant a response.

Head of Petroleum Analysis at Gas Buddy, Patrick DeHaan, says the attack will affect gas prices in the United States.

"That resulted in the shutdown of some five million barrels a day of oil production, which represents about five percent of the global production. And that has lead to a major surge of the price of oil which is likely to lead to a major surge of the price of gasoline."

DeHaan says the rise in gas prices over the next few weeks is likely due to the attack on Saudi Arabia. He adds that these gas prices may rise in Missouri to 15 or 30 cents per gallon or more. DeHaan says there are not many ways to control situation.

"Stations will start to raise prices here in the next few days. That will provide motorist inability to find stations with lower price fuel. But we are really helpless in a lot of these situations. We rely on our cars everyday to get to work, to get to school. So beyond shopping for gasoline at low prices, there is really not a lot you can do."

Head of Petroleum Analysis at Gas Buddy, Patrick DeHaan.