Gas Prices Expected to Surge Again Soon Due to Unrest in Egypt and Drop in Supply

Just what we needed for the rest of the summer as individuals try and take vacations the rest of the Summer or have to commute to work. Gas prices are expected to rise due to the unrest in the Middle East in Egypt and a drop in oil supplies.

Current prices at Gas Buddy.

Gas prices are heading up again.

Rising crude oil prices and a fall in U.S. supplies are driving wholesale gas prices up sharply. That has yet to be fully reflected at the retail level.

Prices at the pump — up 4 cents the past week to a national average of $3.52 a gallon — could climb another 15 cents or higher over the next two weeks. A year ago, the national average was $3.38.

“It’s getting ugly,” says Patrick DeHaan, senior analyst for GasBuddy.com. “First and foremost, the political problems in Egypt are driving crude oil prices, but there has also been a sharp drop in oil supplies the past two weeks. This is coming at a time when demand is at its annual July peak.”