Crisis in Egypt Likely to Raise Gas Prices in U.S.


gasExperts are warning the crisis in Egypt will likely send prices at the pumps higher. Gas supplies in the US are currently up, but the uncertainty in the middle east is driving prices higher.

The national average for a gallon of regular unleaded gas now stands at $3.12. That price is just over a two cent increase compared to last week.

Analysts said those prices could shoot up another eight cents in the next two weeks.

Recently a small explosion was reported at a gas terminal in Egypt’s northern Sinai Peninsula.

Officials suspected the explosion is a reult of a terror attack on a natural gas pipeline. The pipe line transports gas from Egypt to Israel, Syria, and Jordan.

Hundreds of thousands of people continue to protest throughout Egypt.

The protestors want the country’s president Hosni Mubarak to step down from power.

Mubarak has said he won’t seek another term later this year, but so far hasn’t given any indications he will leave office before that.