News

Jan 31, 2011 7:48 PM by John Romero

Egypt conflict affecting oil prices

Any trip to the pump lately likely hasn't been cheap. Oil prices are once again going up. "The market showed that it went up substantially on Friday, about $3.70 a barrel." explains Harlan Ochs, President of Acorn Petroleum in Colorado Springs.

Part of that rise can be attributed to the Middle East where conflict in Egypt is making investors antsy. Almost two million barrels of oil pass through the Suez Canal each day. The Suez is controlled by Egypt. "Many times it looks like they (oil prices) don't really reflect what's happening in the real world because they're influenced by what's this particular news development. Let's say like the protests in Cairo." explains Ochs.

That speculation is causing headaches here at home. A gallon of gas at many pumps we went to sits around $3.00 for regular unleaded. It's very annoying!" says Kelsey Kuretach as she fills up her car, ""I was a little shocked, $38 for 12 gallons. Normally it's a lot less than that." she says. Many drivers feel helpless because of the winter storm. "Higher gas prices, the winter weather. We can't walk. We have to use our cars more." says Kuretach.

Others, like Macie Chadwick say it's a necessary evil because of our dependence on foreign oil.
"Really it just goes to the bottom line. You have to have gas to get around so you curb as much as you can with the miles that you put on." she says while filling up her car, "But bottom line we're stuck and we're dependent on them for our oil so you just do what you gotta do."

 

»Comments

»Topics in this article

More News

Most Popular

Top Videos

1 2 3 4