GAS EXPLOSION

From GasBuddy

Average retail gasoline prices in New York have risen 11.6 cents per gallon in the past week, averaging $3.81/g yesterday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 11.7 cents per gallon in the last week to $3.62/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 14.9 cents per gallon higher than the same day one year ago and are 9.1 cents per gallon higher than a month ago. The national average has increased 0.4 cents per gallon during the last month and stands 19.5 cents per gallon higher than this day one year ago.

“Nationally, gasoline prices have begun moving upward yet again. I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “The market is seemingly quite sensitive to the situation in Egypt as the Energy Information Administration has reported two consecutive weeks of large declines in crude oil inventories, drawing concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside,” DeHaan said.

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