Gas Prices Rise Following Attack In Saudi Arabia; Local Drivers Already Seeing Increases
Experts say that Corpus Christi drivers may want to fill their tanks sooner rather than later, as U.S. gas prices are expected to rise this week after an attack badly damaged two oil facilities in Saudi Arabia.
James Nelson, head of petroleum analysis with Brown and Associates, told the Southside Light that while Texas consumers should fare better than folks around the rest of the country, we can expect prices at the pump to rise between 15 cents and 30 cents for a gallon of regular gas starting as early as Tuesday evening. As late as last week, gas prices in Flour Bluff were as low as $2.03 per gallon. Elsewhere around the area gas prices hovered around the $2.13-$2.19 mark. Early Tuesday morning, drivers were already seeing an increase at the pump by a jump of ten to twelve cents per gallon.
"On Monday evening, we started to see tanker trucks fill up and adjust their prices," Nelson said. "We could conceivably see price hikes throughout the day on Tuesday but that would be the earliest. We expect the first impact to hit he pumps late Tuesday night into Wednesday."
Should the situation get too far out of control, Energy Secretary Rick Perry said Monday that the Department of Energy is prepared to release oil from the Strategic Petroleum Reserve to offset the attack's effects on global energy markets.