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Trouble in Egypt Likely Means Higher Gas Prices

Trouble in Egypt Likely Means Higher Gas Prices

No matter what happens in Egypt, it's likely to raise prices at the pumps. The unrest has also made Wall Street investors jumpy.

Energy industry analyst Phil Flynn says it won't be a surprise if oil prices climb.

"I think gasoline prices that had seen a sort of a historic drop over the last couple of weeks all of a sudden could go back up."

Egypt is not a major oil producer, but it controls the Suez Canal.

"Egypt has the Suez Canal that connects the Red Sea to the Gulf of Suez and the Mediterranean Sea. It is a major global shipping lane."

Flynn says stocks may tumble, too.

"It's because of this uncertainty. People don't like to go long in the market when they don't know."

Flynn says the longer the turmoil lasts, the more impact it'll have on the oil and stock markets, costing Americans money.

 

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