So US gasoline prices are still influenced by world events.
Even though oil imports are approaching 20-year lows, and the United States is enjoying a boom in new fuel sources, gasoline prices are soaring again because of political troubles halfway around the world. The civil unrest and military coup in Egypt — a relatively small exporter of crude oil — and the ongoing in-fighting in Syria have energy markets worried that the unrest could spread to other oil-producing countries in the region, disrupting supplies.
In just the last week, gas prices in Massachusetts jumped 14 cents, to $3.62 a gallon, according to AAA Southern New England. Crude oil prices are also rising quickly and now top $100 a barrel. Analysts believe gas prices are going to climb another 5 cents or more a gallon.
Source: Boston Globe. Read full article. (link)