Middle East Crisis Send Oil Prices Soring

Gas Prices rose dramatically this past week especially on the turmoil in Libya. CNN Money has the story:

Gas prices have increased 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil.

The national average price for a gallon of regular gas rose 4.6 cents to $3.33, motorist group AAA said Saturday. That marks the fourth day in a row that prices have risen, and brings the national average to the highest level since October 2008.

The highest price is in Hawai’i:

Gas prices were highest in Hawaii, where drivers paid $3.761 a gallon, on average. Wyoming had the lowest gas prices at roughly, $3.032 a gallon.

Tom Kloza, chief oil analyst at the Oil Price Information Service, said gas prices’ 6-cent jump reported Friday was the largest one-day increase since at least 2008.

“This will definitely be the most expensive February ever,” he said, adding that gas prices are typically lower during the winter months

Read it!

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