• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / News / Saudi strike expected to cause spike in Iowa pump prices

Saudi strike expected to cause spike in Iowa pump prices

September 17, 2019 By Radio Iowa Contributor

An attack on oil production facilities in Saudi Arabia will lead to higher prices at gas pumps in Iowa and elsewhere. Mark Peterson of AAA Iowa says the world’s largest oil facility was hit.

“Attacks have taken about 5.7 billion barrels of oil off the market, which is about six percent of the global supply,” he says. “Prior to that, crude oil was healthy around the country. In fact, we were sitting on a global glut.”

Last weekend, gas prices were around $2.40 a gallon. Experts predict the price will jump about 25-cents by the end of September. Peterson says how long the higher prices last depends upon how long the Saudi facilities are down.

“Suffice it to say, we’re going to see some increases at the pump,” Peterson says.

Wholesale gasoline prices were 15 cents a gallon higher nationwide by midday Monday. President Trump has said he’s prepared to tap U.S. petroleum reserves if oil production in Saudi Arabia doesn’t rebound quickly.

(By Pat Powers, KQWC, Webster City; additional reporting by Radio Iowa’s O. Kay Henderson)

Share this:

  • Facebook
  • Twitter

Filed Under: News, Politics / Govt

Featured Stories

Governor signs Iowa Renewable Fuels Standard into law

Jury returns guilty verdict in shooting death of State Trooper

Summit has easements for 20% of carbon pipeline route through Iowa

Morel mushroom hunters on hold without warmer conditions

Trinity Health aquiring all MercyOne health properties

TwitterFacebook
Tweets by RadioIowa

Iowa Special Olympics Summer games set to open in Ames

Radio Iowa/Baseball Coaches Association High School Poll 5/16/22

Iowa assistant coach Kirk Speraw to retire

Northern Iowa prepares for Missouri Valley Conference softball tournament

T.J. Otzelberger announces staff changes at Iowa State

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2022 ยท Learfield News & Ag, LLC