SEATTLE, Wash — Expect to notice a spike in gas prices as a result from the oil field attacks in Saudi Arabia.
Patrick DeHaan is the head of petroleum analysis at GasBuddy. He said that that the attacks will impact gas prices to the degree of $.10 - $.25 or more over the next few weeks or months.
"A risk premium will likely stick around for quite some time as this remains fresh for quite a while, at least as long as it takes Saudi Arabia to get back to 100% normal. Even after it, the shock that such an event happened in Saudi Arabia, a stable and reliable oil producer, will likely continue to haunt the market," he said in an email to KING 5.
DeHaan said, however, there are some factors working in our favor that will limit increases. This event did not happen during the busy summer months and most gas stations across the country have already switched to a cheaper winter-friendly formula of gasoline.
He also believes this won't suddenly spike prices way up, like we've seen after some domestic natural disasters in years past.
"Drivers will probably notice, but I'd classify this as minor still compared to such events like Hurricane Harvey, Katrina, or refinery outages like in 2015 when BP's Whiting, Indiana refinery went down."
DeHaan said that whatever prices may spike because of the event overseas, it most likely will not be more than the highest prices we've already seen in 2019.
"Overall, there is some potential for this to get worse, but for many motorists [seeing posts on social media], there is no reason to run out to fill up."
According to NBC News, drone strikes by Iran-backed Yemeni Houthi rebels on Saudi oil fields Saturday compromised about 5% of the world's oil supply.