Unrest In Egypt Could Mean Higher Prices At The Pump
DETROIT (WWJ) With continued protests in Egypt, there is concern that we may see gas prices go up here in the U.S.
WWJ Business Editor Murray Feldman says just the fear sent crude oil prices up and that usually means higher prices at the pump here.
"Right now oil shipments are not being disrupted, however, there is the fear that it could happen and just the fear sent crude oil prices up four percent on Friday and that usually means higher prices here in the United States," says Feldman.
"Egypt is not a huge producer of oil for export, but Egypt is home to the Suez Canal and there's fear that unrest in Egypt could halt shipping through the Suez and really, if that happens there could be the disruption of oil delivery. Also, the disruption of the delivery of goods required for sale all around the world, so many people are watching what happens over there," Feldman said.
