Is Saudi Arabian Oil Field Attack Causing El Paso Gas Prices To Spike?
Over the weekend, there was an attack on a Saudi Arabian oil field. The Saudis are, of course, a major supplier of the world's crude oil. The attacks on the oil fields could mean 5% of the world's supply of oil could be disrupted. There are some hopeful reports that the Saudis could be back online and up to full production in as little as a month, but that remains to be seen.
In the meantime, what does all this uncertainty mean for you, your gas tank, and your wallet? Well, it's conventional wisdom that when a hurricane hits the Gulf Coast or there is unrest in the Middle East gas prices go up and driving around El Paso today it sure seemed that way.
Oil industry insiders will tell you that it's just your imagination that gas prices spike in the days after a major storm or Mid-East unrest, but driving around El Paso tells a different story:
1. I took this photo just down the street from the KISS FM station near UTEP. That's been the price for a while.
2. A little further down Mesa this Circle K's price yesterday was right around $2.50 but this morning when I passed it I almost passed out. The price spike was gigantic.
3. I took this photo of another Circle K on Montana and Cotton. Notice the difference in the price from the first photo even though they are both Circle Ks?