COLUMBUS – While gas prices in some Great Lakes and Midwest markets jumped in the wake of an attack on Saudi Arabia’s largest oil processing plant, prices in central Ohio climbed only a few cents.
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The average price for a gallon of regular gasoline on Tuesday morning was $2.63, 2 cents higher than on Monday, but 23 cents higher than a week ago, according to a daily survey from the auto club AAA, the Oile Price Information Service and WEX, Inc.
The statewide average price was 6 cents higher than Monday.
U.S. and international benchmark prices for crude oil fell back slightly early Tuesday morning after vaulting more than 14 percent overnight.
Analysts for Goldman Sachs say the attacks, which halved Saudi Arabia’s oil production, could add anywhere from $3 to more than $15 to the cost for a barrel of oil, which would translate to an increase of 8 cents to 32 cents to the price of gasoline.
GasBuddy.com analyst Patrick DeHaan says the longer Saudi Arabia’s production remains offline, the more impact U.S. drivers will experience at the gas pump, but he’s not expecting prices to immediately spike.
“The impact could be measured more in pennies per gallon, not dimes,” he said.
DeHaan believes says President Trump authorizing the release of strategic oil reserves should the U.S. need them is a good sign.
The United States has blamed Iran for the weekend assault on Aramco’s main crude processing facility, which knocked out 5.7 million barrels of daily oil production for Saudi Arabia, or more than 5 percent of the world’s daily crude production.
A $1-per-barrel change in the price of crude oil generally translates to about a 2.4-cent-per-gallon change in the retail price of gasoline.