Oil rig

Oil prices surged today after an attack on Saudi Arabian oil production over the weekend. 

The price of oil jumped more than 14 percent on Monday from just more than $54/barrel to close to $63/barrel - the single largest one-day leap in oil prices in more than a decade.

The jump comes because of unrest in the Middle East, which is threatening supply.

Over the weekend, 10 drones targeted the Saudi's oil field, taking 5 percent of the global supply immediately off the market. The attack was claimed by Yemen's Houthi rebels, according to international reports. The United States is also blaming the Iranian government for the attacks as well, as they've been known to back Houthi in the past.

President Donald Trump said the United States will begin using its emergency oil supply to help keep the market stable.

That decision lowered the price some. Earlier Monday, it was up close to 20 percent.

Locally, as oil prices rise, we should expect to pay more for gasoline at the pump.

If the conflict in the Middle East lingers, the United States will likely need to produce more oil globally, which could ignite a spark in Gulf of Mexico production.

Currently, we produce more oil than ever before in the country, but a lot of the production is away from offshore and on land. 

Follow Casey on Twitter for more. 


Casey Gisclair is the Sports Editor at Rushing Media. A native of Cut Off and graduate of Louisiana State University, Casey is a lifelong sports fan who joined the Houma Times team in Dec. 2009 upon college graduation.

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