** For investors in these countries - there are huge gaps in fuel prices depending on the location of the station. for example,…
** For investors in these countries - there are huge gaps in fuel prices depending on the location of the station. For example, refuelers in the city of Baton Rouge (Louisiana) enjoy the lowest price of fuel in the United States (on average) with $ 2.11 per gallon. In contrast, San Francisco residents - who are used to paying more than residents elsewhere - pay an average of $ 3.62 per gallon of fuel, the highest figure in the United States. **
** Precisely when fuel prices have been falling in recent months, the attack by the Houthi rebels in Yemen (the US claims to have received aid from Iran) has led to the largest rise in oil prices since the first Gulf pickle. President Trump has approved the opening of the emergency database in case of need. **
Oil prices around the world are on the rise following the onslaught over Saudi Arabia's refineries over the weekend, an attack that eliminated about 5% of global oil stocks and halved the country's oil exports.
The sharpest jump, of course, was listed on the New York Stock Exchange, where trading opened just hours ago. The price of Brent Crude Futures increased by more than 20% (the largest jump since the Gulf War in 1991) and reached 71.95 dollars per barrel (since then it has fallen to about 68 dollars per barrel). A similar increase was also recorded in the Crude WTI oil price (about 15% to 63 USD per barrel). For both indices, this is a four-month high.
The attack itself included unmanned aerial vehicles loaded with explosives and flown to one of Saudi Arabia's largest oil complexes. It is estimated that the Houthi rebels in Yemen are behind the attack, but the US administration has been quick to say that the rebels are just the executive arm, and that Iran is behind the attack.
Tehran is behind nearly 100 attacks and attacks in Saudi Arabia while Rouhani and Zarif call for diplomatic relations. "Iran has now launched an unprecedented offensive against global energy supplies," Secretary of State Pompeo wrote on his Twitter page. Muhammad Zarif, the regime's foreign minister in Tehran, responded to Pompeo on Twitter and wrote: "After failing in 'maximum pressure', Pompeo is now turning to 'maximum eye-catching'. The US and its allies are stuck in Yemen because of the illusion that superiority in weapons will lead to a military victory. "Iran's accusation will not end the disaster, accepting our offer from April 2015 may actually end the disaster."
On Sunday, President Trump addressed the issue, also on his Twitter account: "We have the suspicions about who is behind the attack, and we are 'charged and besieged', but are waiting for the kingdom's approval as to the reason for the attack," he wrote. The president even tried to allay fears of fuel shortages (and rising prices) by approving the opening of US oil reserves.
** These reserves are located in Texas and Louisiana and in fact this is the world's largest oil reserve with 727 million barrels. This huge reservoir was established following the global energy crisis that erupted before the Yom Kippur War in 1973. **
Despite the attempt to allay concerns on the part of President Trump and despite his approval of the opening of the emergency reserves, all estimates are that fuel prices in the United States (and around the world) will skyrocket. Ironically, over the weekend it was reported by AAA that the average price per gallon of fuel in the US fell more than 20 cents compared to the beginning of July.
The original responses to the post can be read at the bottom of the current post page on the site or in the link to a post on Facebook and of course you are invited to join the discussion
Responses