Oil Price Rises amidst Egypt Crisis

A new revolution took hold in Egypt this week, with millions protesting against Islamist President Mohammed Morsi. The Egyptian ultimately overthrew Morsi in what was has so far been an almost bloodless coup.

So what does that mean for you? In the short-term, not so good.

One measure of oil prices rose this week to the highest levels since May of last year, according to the US government’s Energy Information Administration. That could hit at the gas pump if it hasn’t already.

But this report from Politico sounds reassuring. Turns out the US has ways to offset global price surges, thanks to increased local production.

Still, it might be worth filling soon just in case.

(By Joshua Spurlock, www.themideastupdate.com, July 5, 2013)

What do you think?