Gas Prices and Egypt Crisis Related - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Gas Prices and Egypt Crisis Related

LANSING, Mich. (WLNS)- The gas price roller coaster continues, one minute they're down, next prices are soaring.

Nick Perreault explains how news overseas and refineries here at home might be to blame for the latest swing.

Believe it or not the turmoil in Egypt may tighten your gas budget.

"Egypt and the declining inventories playing a role in the higher prices," said GasBuddy.com Petroleum Analyst Patrick DeHaan.

Declining inventory which Petroleum Expert Patrick DeHaan says equals a shortage of 20 million barrels in last two weeks at refineries.

All told gas prices have spiked 30 cents.

 "That is probably the heftiest decline or drop in inventory I've ever seen in a two week period," DeHaan said.

DeHaan says the refineries that serve the great lakes haven't had issues, like a few months back, but they're cranking out more products.

That production uses more crude oil and the more they use, the more you pay at the pump.

But there is hope DeHaan doesn't expect prices to go above $4 a gallon.

"How long it will last is going to be contingent on if the situation continues to worsen but I don't necessarily see record prices," DeHaan said.

So DeHaan says pay attention to the situation in Egypt, if you're wanting to know how much you'll need in your pocket to fill up and hope the refineries simmer back down as the summer wears on.

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