Texoma gas prices rising in wake of Saudi attack - KTEN.com - Texoma news, weather and sports

Texoma gas prices rising in wake of Saudi attack

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A key Saudi Arabia oil facility burns after being attacked. (NBC News) A key Saudi Arabia oil facility burns after being attacked. (NBC News)

SHERMAN, Texas -- The world is waiting to see what will happen after the weekend attack on key oil facilities in Saudi Arabia.

It's considered to be the biggest oil disruption in history, cutting Saudi oil exports in half.

That is more than 5 percent of the world's oil supply, and it will lead to a direct impact half a world away at gas stations across Texoma.

There's already been a 13 cent increase at the pump, and distributors believe that number will continue to rise.

Saudi Arabia has reduced its exports from 9.7 million barrels a day to 5.7 million barrels following the attack on the kingdom's largest oil processing plant.

Because of that, prices will climb until the world market can stabilize.

"With the Saudi Arabian exports down, the president has authorized release from the strategic oil reserve, so that should help mitigate the rising prices," said Brad Douglass of Sherman-based Douglass Distributing. "But I still anticipate prices will continue to go up."

Douglass had been hoping that gas prices would fall below $2 a gallon by the end of the year, but the events halfway around the world now mean that might not happen. He thinks it will take a couple of months for the oil market to stabilize.

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