“Any significant jump will be more based on anxiety than fact,” says Chris Lee, an analyst at ProMiles and its Fuel Surcharge Index. The U.S., which uses about 20 million barrels of crude oil a day, imports less than 1 million barrels a day from Saudi Arabia, he says. What’s more, the Department of Energy holds about 500 million barrels in reserves, and President Trump has authorized dipping into the reserves if necessary.
Locally, in the Houston area, Lee says he’s seen gas prices jump by 15 to 20 cents in recent days, but “what I’m seeing for diesel nationwide is more in the neighborhood of a penny,” he says.
Though crude oil prices initially spiked over the weekend, they’ve since settled and are up only about $3 a barrel since last week.