Cedar Rapids, Iowa News, Sports, and Weather
Egypt Violence Could Raise Gas Prices
CAIRO, Egypt - Egypt's violence could reach vital shipping routes for oil, and that could affect us here at home.
Gas had dropped to a national average of $3.54 a gallon. But analysts say they could be reversing direction.
Oil prices have surged more than $10 in just six weeks. And with the violence escalating, prices Friday are well above $100 a barrel.
Another threat to gas prices is the hurricane season. Analysts say a major storm in the Gulf of Mexico, where nearly half our gasoline is refined, means we could be waiting until mid-fall for pump prices to stabilize.