Gas prices have gone up seven cents in the last week, and might to go up another 15 to 20 cents before July ends.
“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,” Patrick DeHaan, senior analyst for GasBuddy.com, told USA Today. “This is coming at a time when demand is at its annual July peak.”
While Egypt doesn’t produce oil, it does control the Seuz Canal, which is a major transporting lane of oil, reports The Los Angeles Times.
In the last two weeks crude oil has gone up $11 a barrel, and oil supplies have dropped by 20.2 million barrels.