A 2019 attack on Saudi Oil facilities halved their oil production for a few weeks. This new attack has not impacted oil production and did not kill anyone.
OIL MARKET: Saudi Arabia says “no loss of life or property” in missile attack — but confirms an oil tank farm in Ras Tanaura terminal was targeted. And also says debris of a missile landed near Saudi Aramco’s residential compound in Dhahran | #OOTT #SaudiArabia 🇸🇦
— Javier Blas (@JavierBlas) March 7, 2021
This is the Ras Tanura terminal, the world's largest oil export port. The key export facility is the so-called "Sea Island" (actually, 3 interconnected offshore platforms) where super-tankers dock. There are two large oil tank farms | #OOTT Map from @TheTerminal with my own notes pic.twitter.com/bNg20GGlot
— Javier Blas (@JavierBlas) March 7, 2021
SOURCES – Bloomberg, Javier Blas
Written By Brian Wang, Nextbigfuture.com
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If your gonna quote Peter, you could at least give him a little credit.
It's like Michigan vs. Ohio State with a whole lot of guns. And, sooner or later somebody's fans walk into the other guy's bar.
Will the Western world acknowledge that Saudi Arabia is actively waging war on Yemen?
When will the world acknowledge that Iran is actively waging war on Saudi Arabia?
California could apply for a waiver on using US flagged vessels and have smaller foreign flagged vessels come through the Panama Canal, but that would still be a shortage of available vessels. The disruption would still exist for 6 months and the price of gas would still not fall below $6 a gallon in CA.
The only state that is still importing a significant amount of Middle Eastern Oil is California. They refuse to build a pipeline to Texas and much of the Alaskan oil has run out. There is not enough rail capacity to bring oil over the Rockies by tank car and there are not enough US flagged vessels to carry oil from the US gulf coast to Cali. (By law ships going from one US port to another must be US flagged.)
So, in case of a significant disruption in Middle Eastern Oil, California could be looking at $10 a gallon gas, while the rest of the US is at $3.50.