United States has been dominating the energy market for the past few years since it became the leading oil producer beating the Middle eastern OPEC (Organization of the Petroleum Exporting Countries). United States has been a very important market to the global supply and demand chain. Last weekend two major Saudi controlled oil rich regions were attacked and the production of oil from that region has stopped and also affected the neighbouring regions which is said to cut down Saudi’s oil export by almost half of what it used to be in a single day. This tragedy was expected to give rise to the oil prices that had been slumping somewhat due to loss in demand as people are moving towards more clean alternatives. But this attack and cuts in the global market has led to price raises in the petroleum sector, which has disrupted the world oil supplies. Crude oil prices in the United States went up by 15 percent on Monday. The average national gasoline price in the U.S. was up 3 cents to $2.59 per gallon Tuesday, according to the AAA motor club. On Monday, the price was $2.56. Patrick DeHan has stated that the consumer should expect rises of the gas up to 20 cents over the next week.
Not only the United States is affected by this all of the major economies are affected by this attack, and this is raising concerns for the economies which are already imminent to a crisis and breakdown.