Oil prices close up 15% in biggest 1-day surge in a decade

Analysts are forecasting that pump prices could spike as much 25 cents a gallon in the coming weeks, particularly in California, after the attack on a Saudi oil refinery.
0:54 | 09/17/19

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Transcript for Oil prices close up 15% in biggest 1-day surge in a decade
The price of oil has already soared across the globe. How soon will drivers see it in the U.S.? Let's get right to ABC's chief business correspondent Rebecca Jarvis with us live tonight, as Rebecca? Reporter: Well, David, oil prices spiked immediately on that news, up 15% today. The biggest one-day surge in more than a decade. And for consumers, that means higher prices at the pump. Anywhere between 10 and 25 cents higher in the coming weeks. In particular, higher prices in California, which relies more heavily on imports from Saudi the big question going forward is how quickly Saudi Arabia can bring production back online. And whether this conflict escalates. The United States is still the world's largest energy producer, but this is a global market, David, and what happens in the Middle East impacts prices and consumers here. And we'll be watching. Rebe ka, thank you.

This transcript has been automatically generated and may not be 100% accurate.

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