Tuesday, October 21, 2014

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Rochester

Egypt Crisis Could Cause Gas Prices to Rise

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Rochester: Egypt Crisis Could Cause Gas Prices to Rise
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The conflict in Egypt could cause gas prices to rise even higher. Experts said oil prices have risen because of protests in Egypt. That in turn is expected to cause a rise in gas prices.

"Egypt is not involved extensively in oil production,” Mark Zupan, the dean of the Simon School of Business told YNN. “The Suez Canal though does account for eight percent of the transportation of oil. And the fundamental thing with oil markets, very small disruptions, seemingly one or two percent cutbacks in supply can cause massive price swings."

Currently the national average for regular unleaded gasoline is $3.12 a gallon. The Greater Rochester average is $3.31 a gallon.

Prices are more than 35 cents higher now than this time last year.

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