Gasoline prices are rising sharply again, particularly in the Midwest and Great Lakes region, following a big hike in crude oil prices, a petroleum market analyst said Wednesday.
The unrest in Egypt is also pushing prices higher. Egypt controls the Suez Canal, a major oil-shipping route. Meanwhile, the supply of oil here has fallen, said Patrick DeHaan, senior petroleum analyst with GasBuddy.com.
“With NYMEX crude oil over $105 per barrel today and with concerns about who’s running the government in Egypt and the security of the Suez Canal, it’s not surprising that we’re seeing wholesale and retail gasoline prices rise,” DeHaan said.
The firm operates websites throughout the nation, including DaytonGasPrices.com, that use spotters to monitor local gas prices.
“The future looks dim again for motorists as oil prices have risen $10 per barrel in just the last two weeks. It’s all but guaranteed to mean another round of price increases as motorists hit the road for summer vacations, taking a bigger bite out of their wallets,” added Gregg Laskoski, another senior petroleum analyst with GasBuddy.
The average price of unleaded regular in the Dayton area on Wednesday afternoon was $3.53 a gallon, up 11 cents from a week ago, according to DaytonGasPrices.com. The average price has climbed 37 cents since July 1.