Unrest in Egypt causing oil prices to rise
by Sarah Fay Campbell
Gas prices dropped slightly during the July 4 holiday period, but the unrest in Egypt is causing the price of crude oil to rise, and gasoline prices are expected to follow suit.
On Friday, the oil market closed with oil at more than $100 a barrel on the New York Mercantile Exchange — the highest settlement price since May 2012.
"Unrest in Egypt continues to create concerns of supply disruptions in the Middle East, while increased fuel demand and a jump in U.S. payrolls helped push oil prices higher," said Jessica Brady, spokeswoman for AAA The Auto Club Group.
The final close was $103.22 — up an eerie $6.66 from the week before.
"Motorists should enjoy the lower gas prices while they last, because all signs point to higher pump prices in the coming weeks," Brady said. "For the past two years, retail gas prices increased after the Independence Day holiday, and it looks like that will be the trend this year.”
On Tuesday, oil was trading at $102.98, according to www.oil-price.net . The Georgia average for regular unleaded was $3.342 on Tuesday, according to AAA's Fuelgaugereport.com site. That number was down slightly from a week ago, when the state average was $3.352, and down over ten cents from a month ago.
A year ago, the average was $3.217. In Newnan on Tuesday, a few stations sold regular unleaded for $3.31, according to GeorgiaGasPrices.com, but most stations were offering it for $3.40 and above. Other parts of Georgia had significantly lower gas prices, including Augusta, Columbus and Macon.
Part of the reason for that is that a different, cheaper fuel blend can be sold outside the metro-Atlanta "non attainment" area for air quality. A Costco in Augusta sold regular unleaded for $2.96 on Tuesday, according to GeorgiaGasPrices.com. Stations in Milledgeville had it for $3.05.