Crude Oil Price Increase Will Hit South Dakota Pumps Soon
Following attacks on Saudi Arabian oil facilities the price of gas is going to spike as early as this week.
According to AAA, the average price for a gallon of gas in South Dakota this week is $2.56. That is only one cent higher than a week ago. One month ago the price was $2.66 and a year ago it was $2.84.
“Americans can expect local pump prices to start to increase this week. The jump could end up being as much as a quarter per gallon throughout this month. Since the price of crude accounts for at least 50% of the total retail price, as crude increases so will the price Americans pay to fill-up,” said Marilyn Buskohl, AAA spokesperson. “Whether this is a short or long term trend will be determined by the price of crude oil prices and how quickly the facilities in Saudi Arabia can recover and get back online.”
The average price for gas in Sioux Falls as of this writing is $2.43, according to GasBuddy.com. That is up 7 cents since September 3.