Gasoline prices up, but not by huge levels that were feared

Crude oil trading in mid-$50 a barrel range

Chris Miller
September 26, 2019 - 10:58 am
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Has the spike in gas prices after the attack on a Saudi oil facility run its course? The price of oil dropped during Wednesday's trading, about two dollars a barrel above where it was shortly before a Saudi Oil facility was attacked by suspected Iranian forces, and the price of gasoline also appears to have stabilized.

 "It looks like, at least, as the results of the attack, prices had gone up, but not as high as expected, and now they're starting to come back down," said Patrick DeHaan at GasBuddy.com.

DeHaan said the Saudi's are getting their production capacity back up, and other factors have come in to play in the oil market.

"The ramifications for lack of a trade deal with China could slow the U.S. economy, and thus slow down oil demand," DeHaan explained.

So while drivers are paying more, it's not the 25 cents more per gallon that was being talked about just over a week ago.
 

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