Arizona fuel prices jumped 2 cents to an average $3.02 per gallon overnight, driven up by the rising price of crude oil to above $92 per barrel in response to civil unrest in Egypt, according to AAA Arizona.
While Egypt does not produce a significant amount of oil, it is home to the Suez Canal and the Suez-Mediterannean pipeline, making it a key point of transfer for the global oil supply. These channels remain open and operational for now, but prices may be pushed even higher if the unrest spreads to Egypt's oil-producing neighbors.
“The effects we’ve experienced thus far as a result of the situation in Egypt have been purely philosophical,” said Linda Gorman, director of communications and public affairs for AAA Arizona, in a news release. “Any type of civil unrest in an oil sensitive region of the world can make markets react as they have in this case.”
Protesters in Egypt, spurred on by a successful revolution in Tunisia, have demanded the removal of longtime president Hosni Mubarak.