Saudi Pipeline Closure Sets Stage for Fuel Price Spikes in US
Fuel prices in the US are expected to continue rising due to a critical pipeline in Saudi Arabia remaining closed after a drone strike. The pipeline, which can move 7 million barrels of crude oil per day, is crucial for meeting global demand and its closure could have far-reaching consequences. According to petroleum consultant Andrew Lipow, if repairs are needed at the pump stations, it could take one to two months before operations resume.
The national average gas price has hit $4.46, while diesel prices reached a record high of $6.44, according to AAA. California is experiencing the highest diesel prices in the nation, averaging $8.39, which affects not just Californians but also goods transported by trucks and railroads.
A recent Fox News poll found that 61% of registered voters consider gas prices a major problem, a 13-point jump from two years ago. The issue is a liability for Republican candidates in the upcoming midterms after their party vowed to bring down energy costs.