September 17, 2019 / 1:00 PM / 2 months ago

U.S. gasoline prices jump after attacks on Saudi oil facilities - AAA

(Reuters) - U.S. gasoline prices jumped on Tuesday after crude oil futures spiked nearly 15% following weekend attacks on Saudi Arabian oil facilities, according to a report by the AAA motor club.

The average national gasoline price jumped 3 cents to $2.59 per gallon on Tuesday, AAA said on its website. On Monday, the motor club said the price was $2.56.

Over the weekend, drones attacked Saudi Arabian oil facilities – including the world’s largest, Abqaiq. The attacks have taken 5.7 million (crude) barrels per day off the market, accounting for about 6% of global supply.

“Americans can expect local pump prices to start to increase this week. The jump could end up being as much as a quarter per gallon throughout this month,” said Jeanette Casselano, AAA spokesperson.

“Whether this is a short or long term trend will be determined by the price of crude oil prices and how quickly the facilities in Saudi Arabia can recover and get back online.”

Most of the price pain at the pump will likely be felt on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom.

In California, average prices rose 2 cents to $3.65 per gallon on Tuesday, from $3.63 on Monday, AAA said.

Reporting by Scott DiSavino; editing by Nick Zieminski and David Goodman

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