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Gas Prices Headed Up .. Again

Gas prices are going back up again.

So, what's the reason this time? Senior Petroleum Analyst Patrick DeHaan says this time we can blame Egypt.

DeHaan says the market is nervous about the violent protests taking place in Egypt which could spread to other parts of the Middle East.

DeHaan says something similar happened back in 2011 when violence broke out in Libya.

DeHaan says that resulted in a drop in production and decline in overseas shipments.

He cites Energy Information Administration data that says crude oil inventories have dropped by six percent or 20 million barrels in the last two weeks.

DeHaan adds higher crude oil prices in July are being passed onto consumers at the pumps.

He says many retailers in Indiana have raised regular unleaded to $3.75 a gallon.

He adds prices may continue to climb next week.

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Topics : Business_Finance
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Locations : IndianaMiddle East
People : Patrick DeHaan