Attacks on Saudi oil facilities have roiled global markets, sending petroleum prices higher despite America's oil boom.
While attacks on Saudi oil facilities over the weekend have sent U.S. petroleum prices surging, America remains less dependent than ever on Saudi oil.
What's more, while Saudi Arabia remains the second-largest oil producer, the U.S. is taking less of it. Saudi oil represented about 9.1% of U.S. oil imports in 2018, down from 11.8% in 2008. U.S. not insulated"The U.S. imports less Saudi oil than it did in the past, thanks to a growing supply of home-grown barrels," Judith Dwarkin, chief economist at RS Energy, told USA TODAY in an email."But this doesn’t insulate the U.S. from price shocks on the global market because the U.S. is connected to the global market."
The increase is"the strongest single-day move for oil in a generation," said CFRA Research oil analyst Stewart Glickman in a research note. Given that the Saudi sites had excess production capacity and were thus capable of filling in the gap when other countries encounter obstacles, the outages represent an"extreme risk situation for oil," Mizuho Securities managing director Paul Sankey said in a research note. In other words, another incident could have an outsize impact.
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