US Oil Rises Above $100 per Barrel on Egypt Woes

By Robert Davis
Feb 1 2011

The per barrel price for US crude oil rose about $100 this morning as concerns over the Egyptian crisis continue to spark speculation in the market.

With the price over $100 US consumers can expect to see inflated gas prices. Industry experts have said that $4 per gallon has become a reality during this time as the speculation continues to cause a surge in prices.

The increase in crude oil prices has sparked interest in other commodities around the US market. But for the federal government the crude oil prices are the largest concern at the moment.

With the US economy already in a recessed state inflation in the gas prices could further drag the economy down, according to leading economist in the federal government.

At this time the government has made no move to level out the price of crude oil but it is likely that they will take some action to help prevent a new recession from striking.

OPEC announced that they would look at the current situation, especially that with the Egyptian protests and determine if the price needs to be lowered artificially with the increase in production.

Currently the average price per gallon for gasoline in the US is $3.05 but that is expected to change within the next week. Prices are also being affected by the massive winter storms that continue to pound the Midwest and Eastern parts of the US, stranding travelers in many areas.