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Egypt Could Cause Gas Prices to Go Up

Just when I heard hope of gas prices going down, word on the street is that the havoc that’s broken loose in Egypt,  could cause the price of gas to go even higher. 

Courtesy of Peter Macdiarmid, Getty Images.

Wall Street will be watching events in Egypt this week.  Analysts fear the turmoil over in Europe will spread to oil-exporting nations in the Middle East, such as Saudia Arabia and Libya.  Their main concern is rising oil prices and how they would cripple the global economic recovery.  On Friday, trader nervousness sent the Dow tumbling 166 points.  Many investors decided not to invest in stocks, but rather in bonds and precious metals (which are less risky).  The price of a barrel of crude on the New York Mercantile Exchange already went up $3.70  over the weekend.

Yowser!  Good thing I waited to get gas this past weekend (sarcasm).  No wonder I paid $3.35 for one-gallon of regular unleaded!  According to Suzanne Garfield, “If crude prices continue their upward trend like they did a couple of years ago — we could see prices crossing the $4-a-gallon mark.  A lot will depend on where crude prices go.”

So if you’re like me,  you will probably be heading back to the gas pump today to make sure you fill-up before the possibilty of gas prices reaching four-dollars per gallon hits our pumps.

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