California gas prices are likely to rise gradually after the weekend attack on an oil processing plant in Saudi Arabia. Within a week or two, California gas prices could go up 10 to 25 cents a gallon.
of the halted oil production within days, though full restoration could take weeks.
If resuming operations takes months, though, “then it will be something more significant and a real supply crunch,” said Denton Cinquegrana, chief oil analyst at Oil Price Information Service.Nevertheless, the effect on gas prices is expected to be minor, DeHaan said. That’s because the United States’ domestic oil production has grown in recent years, making the nation less reliant on imports from Saudi Arabia.
The average price of a gallon of regular gasoline in California was $3.631 on Monday, almost exactly the same as a week earlier and a year earlier, according to AAA. In the Los Angeles-Long Beach area it was $3.672, also nearly unchanged from a week earlier and a year earlier. California imports some Saudi crude oil to make its special blend of clean gasoline, but replacements can be found, Cinquegrana said. The key to making this gasoline is the refining process — not necessarily the type of oil, he said.
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