BALTIMORE (WJZ) — Oil prices spiked more than 14 percent Monday after a weekend attack on the world’s largest oil production facility in Saudi Arabia caused the biggest oil disruption in history. That could mean higher prices at the pump locally as soon as Tuesday.
The attack cut production, which is hitting some areas especially hard, but Baltimore economist Anirban Basu said the U.S. is less dependent on that source.
“Most people expect that it will take another day or two for us to see it at the pump,” said Basu, an economist at Sage Policy Group Incorporated.
Despite being more energy independent, the country could still see a 10- to 25-cent per gallon spike at the pump.
“It’s a major event, but the question becomes will it endure because oil prices have a history of rebalancing pretty quickly,” Basu said.
Some Maryland drivers WJZ spoke with said they aren’t panicking just yet.
“I made sure to get a full tank today so that I won’t have to fill up when it gets a little bit higher,” said Ken Stoller from Baltimore.
“If we started to creep back towards the $3, $3.50 mark, that will be really worrisome for me,” Baltimorean Beth Steiner said.
President Donald Trump is allowing the energy department to tap into oil reserves if necessary, which could cushion U.S. consumers from feeling major pressure when filling up their tanks.