Saudi Pipeline Damage Sparks Fuel Price Fears Amid Ongoing Middle East Tensions
A Saudi pipeline damaged by a drone strike could stay closed for at least a month, further fueling price spikes. The pipeline, which can move 7 million barrels of crude oil per day, has been shut down since the attack.
Petroleum consultant Andrew Lipow said that if Saudi Arabia needs to repair the pump stations, it could take one to two months for operations to resume. However, if they can bypass the pump stations and restore operations at 50% capacity in a few days.
The national average gas price has hit $4.46, while diesel prices broke another record high of $6.44. California is experiencing the highest diesel prices in the nation, averaging $8.39, which impacts not just Californians but also consumers nationwide due to increased delivery charges and fuel surcharges.
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. American households have paid an extra $460 on gas and $378 on diesel since the start of the Iran war.