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Gas prices expected to skyrocket over the weekend

Posted By GABRIELLE LEVY, UPI.com   |   July 12, 2013 at 5:16 PM
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Analysts expect the price of gasoline to jump as much as 20 cents during the weekend as peak summer vacation season hits its stride and crude supplies fall.

The national average price of gas, which has lingered around $3.50, could shoot up to $3.60 to $3.70 in the next few days.

“Short-term, we’re going to see the average go into the $3.60, $3.70 range,” said Tom Kloza, chief oil analyst at GasBuddy.com. “You’re looking at some markets that were closer to $3 a gallon, like the upper Great Lakes, and they’re going to go back up and be closer to $4.”

That's already about $0.10 higher than the average at the same time last year.

Summertime always means more pain at the pump, but unrest in Egypt will likely put prices in the fast-lane as supplies of crude oil dwindle.

While Egypt does not produce oil itself, it owns and operates the critical Suez Canal, through which millions of barrels of oil travel every day.

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