Egypt tensions, crude prices push up gas prices across U.S.

CHICAGO (WCIV) -- The price per gallon of gas across the U.S. is about 11 cents below the same time one month ago, but that margin is shrinking this week, gas price tracking website found.

According to the website, the biggest jump in gas prices has come in the Midwest and Great Lakes regions. Some places have seen a 10-cent increase in the last week.

"With NYMEX crude oil over $105 per barrel today and with concerns about who's running the government in Egypt and the security of the Suez Canal,{} it's not surprising that we're seeing wholesale and retail gasoline prices rise," said Patrick DeHaan, senior petroleum analyst with GasBuddy.

The key question, DeHaan says, is: How long will the run-up in crude oil last?

"What's even more troubling is that the Department of Energy's weekly report today showed the second consecutive week with exceptional declines in crude oil (9.9 million barrels this week) inventory totaling a 20 million barrel decline in the past two weeks," he added.{} "So there's no getting around the fact that prices go up when supply diminishes."

Experts went on to say that crude oil prices per barrel have risen $10 in the last two weeks, which equates to bad news for drivers.

"It's all but guaranteed to mean another round of price increases as motorists hit the road for summer vacations, taking a bigger bite out of their wallets," added Gregg Laskoski, senior petroleum analyst with GasBuddy.

The website found Monday that gas prices in South Carolina fell by 1.3 cents in the last week to an average of $3.13 per gallon. A week prior, prices dropped by 6 cents.