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Gas prices could rise as much as 25 cents after Saudi attack, experts say

Gas pump prices may rise as much as

Gas pump prices may rise as much as 25 cents in the coming weeks, experts said Monday.  Credit: Newsday/Thomas A. Ferrara

Motorists fueling up at Long Island gas pumps will feel the financial effects of last weekend’s attack on Saudi Arabian oil facilities.

Consumers on the Island — and across the nation — can expect gas prices to rise as much as 25 cents per gallon over the next few weeks as Saudi Arabia works to restore its oil production, experts said.

A hike of between 10 cents and 25 cents will start Wednesday and continue for the next few weeks, but the increase could be bigger if Saudi Arabia can’t return most of its oil output to normal in about a week, as it has said it could, said Patrick DeHaan, head of petroleum analysis at GasBuddy, a Boston-based company that provides fuel price data.

The average price of a gallon of regular gas on Long Island on Monday was $2.666, compared with $2.682 a week earlier, according to AAA.  The average price in New York state was $2.722, compared with $2.740 a week earlier.

The national average was $2.564, up slightly from $2.561 a week ago, according to AAA.

At a Conoco station in Melville, the price of a regular gallon of gas was $2.75, while the price was $2.47 at a Speedway in Holbrook, according to GasBuddy’s website. It was $2.65 a gallon at a Gulf station in Lynbrook.

The higher prices still would pale in comparison to hikes seen in recent years, noted Tom Kloza, global head of energy analysis at Oil Price Information Service,  which is headquartered in Gaithersburg, Maryland. 

“For perspective …. retail gas prices on this day from 2011-2014 averaged about $3.50 [a gallon],” he said Monday.

Robert Sinclair Jr., spokesman for AAA Northeast in Garden City, added that there is plenty of crude oil and gasoline in storage, and the U.S. is also a major oil producer.

“So, there will be no shortages.  The price is just uncertain at this time,” he said.

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