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Egypt Violence Could Raise Gas Prices

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    April 3, 2014 | 12:26 pm
    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.