The drone attacks on Saudi Arabian oil facilities have taken 5.7 million crude barrels per day off the market, accounting for roughly six percent of the world supply, and driven up gas prices in Texarkana.
According to AAA Texas, the average price for a gallon of regular unleaded gasoline was $2.32, up 12 cents from a week at this same time. The prices are tied with Houston, Beaumont, Lubbock, and the Temple-Killeen-Fort Hood area for the sixth-lowest in the state.
Compared to a year ago, the prices in Texarkana are still very low. Last year at the same time, the price of gas was $2.52.
The highest gas in Texas can be found in El Paso at $2.76, which is nine cents higher than the national average. The statewide average across Texas is $2.39. The cheapest gas in the Lone Star State can be found in two areas, Tyler and Wichita Falls, where the price is $2.28 per gallon.
“The price of crude accounts for at least 50% of the total retail gasoline pump price. Therefore, as the cost of crude increases, the price Texans pay to fill-up will follow suit,” said Daniel Armbruster, AAA Texas spokesperson. “With the exception of El Paso, most Texans are still paying slightly less for gas now compared to one year ago.”
The exact impact on gas prices, AAA Texas says, depends on the extent of the damage at the facilities and also how long it takes for the facilities to resume normal operations. The energy minister for Saudi Arabia believes half of the production that was lost has been restored and normal operations should continue at the end of September. If so, it means the spikes in prices should be short-term.
In the meantime, AAA Texas encourages drivers to drive under the speed limit, make sure their tires are properly inflated, and use cruise control among other tips to save on gas.