NORTHWEST INDIANA - Gas prices nationally have drifted lower for the ninth straight week, according to Patrick DeHaan, head of petroleum analysis for GasBuddy. But now he says all eyes now turn to Saudi Arabia after an attack that knocked out over 5% of global oil production.
DeHaan says while there is some good news that motorists should not expect a sudden and major uptick in gas prices, there may be a minor impact beginning mid-week and continuing until Saudi Arabia's state-owned oil company, Aramco, is able to restore all production.
GasBuddy Petroleum Analyist Allison Mac says overall across the nation prices have not gone up yet.
"And to keep things in perspective, we are in the middle of September, so during this time prices should be going down," Mac says. "This happens year over year. It's no secret that we are switching over to winter blend gasoline, which is a cheaper fuel that's easier to produce, which is why we see prices drop, and on top of that, it is the end of summer driving season, so the demand for gasoline is also dropping which is why typically during September, October, November, we should be seeing prices continue to drop."
Mac says oil prices have the biggest effect on gas prices and currently there is a unique situation underway.
"Saudi Arabia is usually typically the most reliable, most stable country when it comes to producing oil," Mac says. "So when there is a big attack such as the one that happened over the weekend, the market reacts."
Mac thinks people's concerns are that gas prices will be skyrocketing as a result of the
attacks on Saudi Arabia, but timing is on consumers' side. She says if the recent attacks were to happen two months ago, when we were entering the peak driving season, then we would have seen drastic spikes. But now peak driving season is over and demand is lower at this time of year.
In Northwest Indiana gas prices have risen just over 5 cents per gallon in the past week, averaging $2.52/gallon Monday, according to GasBuddy's daily survey of 314 stations in the Region.
