Gas Prices Rise Amidst Egyptian Turmoil, But Now Holding Steady

The upheaval in Egypt is raising prices at the pump, with average prices rising to $3.10 a gallon, according to data from GasBuddy. Though Egypt is not a major supplier of oil, the Egyptian-controlled Suez canal and the nearby Sumed pipeline are key pass-through points for the world’s oil supply, and there are concerns that the civil unrest could spread to other oil-producing countries. As of Tuesday upwards pressure on oil prices eased off as so far back the protests haven’t disrupted transportation.

OIL FUTURES: Crude Prices Lose Momentum As Suez Worries Ease [WSJ]