Weekend Attack Pushed Oil Prices Higher, But Impact Not Expected To Last Long

After showing very little movement throughout much of 2019, oil prices have jumped considerably over the past couple of days. Following Saturday’s attack on an oil facility in Saudi Arabia, the price for a barrel of oil jumped roughly 10% to the $60 range.

Allison Mac with GasBuddy.com says the Saudi government has promised to help lessen the international blow by stocking up on oil reserves in the coming week.

“Once that happens, we should see prices go back down, but a lot of these things are really out of our control and very unpredictable. But given what we know now, given this situation, that’s what we’re predicting.”

Mac says while oil prices, and fuel prices are expected to continue to march higher, the jump should not be as dramatic as it could have been had this attack taken place a month or six weeks ago. Mac added this should issue should not keep oil prices high for an extended period of time, and prices should slowly decrease as we approach the end of September.

When it comes to local diesel prices: