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.
devils66 posted at 1:06 pm on Tue, Feb 1, 2011.
Egypt, hurricane season, storms., the war in Iraq, they'll find anything to raise the prices of gas no matter whats going on.
Poorman posted at 1:22 pm on Tue, Feb 1, 2011.
The prices were going up before this really started,Egypt doesn't produce much oil,or sell it,they do refine and transport a lot of it. we and other countries need to make sure the Suez stays open. And poster devils66 is also right,the greedy oild co.s will raise the price at any chance they get.
Slabside posted at 2:34 pm on Tue, Feb 1, 2011.
Funny, when Bush was in office high gas prices were his fault. Nowdays it's everybody and everything else's fault BUT Obama.
Freethinker posted at 5:51 pm on Tue, Feb 1, 2011.
TOO FUNNY!
A number of comedians last week said "how long before the oil companies use Egypt as another excuse to raise prices"
Although no longer funny, it is still a joke.
LewisA posted at 7:15 am on Thu, Feb 3, 2011.
I'm even not surprised with this news. There're really a lot of reasons for them to raise prices, With the current financial situation it becomes just common but not pleasant thing at all. People have to take cash advance in order to improve the current monetary situation and just ti live till the payday. But in better we believe.