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Dayton Business Journal...
Unrest in Egypt fluctuates oil, gas prices
Tuesday, February 1, 2011
As unrest in Egypt rages on, oil prices in the U.S. continue to fluctuate.
The benchmark price for crude oil for March delivery rose to $102.19
per barrel Tuesday amid concerns about political turmoil in the African
nation. However, prices fell below $92 per barrel by noon on the New
York Mercantile Exchange.
With Egypt’s future in question, so too is the future of the global oil
market. Because Egypt is home to the Suez Canal and the
Suez-Mediterranean pipeline, the country is involved in the transport
of roughly 3 million barrels of crude oil per day, according to the AAA
Fuel Gauge Report. Disruption to the oil supply line could force
traders to use a 6,000-mile detour around the southern tip of Africa.
Concern also is rising that unrest in Egypt could spread to the country’s oil exporting neighbors.
While oil prices were in flux Tuesday, local gas prices remained fairly stable.
In the Dayton-Springfield area, prices dropped an average of one cent
per gallon of regular unleaded fuel Tuesday, dropping to $3.08 per
gallon. Local prices on average are five cents higher per gallon than
one week ago and three cents lower than one month ago.
Through Ohio, prices per gallon also fell a penny, dropping to $3.09
Tuesday for regular unleaded fuel. Ohio prices at the pump one week ago
were $3.07 per gallon and one month ago were $3.12 per gallon.
Read the story at Dayton Business Journal
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