Reporting Joe Mathieu
BOSTON (CBS) — Most of us will put some gas in our car this weekend and the good news is it will cost less than it did last year.
Don’t be fooled though, this is not the start of a new trend.
You don’t need to be an energy-analyst to see what’s coming down the road.
Look at the price of crude oil– the price of a barrel topped $100 in the futures market, the highest level we’ve seen in more than a year.
The primary reason for the rise is fear, mainly over what will happen in Egypt given recent unrest.
Instability in the region could mean an interruption to oil supplies.
More than 200 million barrels a day are shipped through territory controlled by the Egyptians.
Though nothing has happened to that oil, it doesn’t matter. In the United States, gas prices are reactionary and the fear factor has already sent oil prices up.
The same will likely happen to gas prices.
All we need is trouble at a refinery, nevermind a hurricane, to send gas back to $4 a gallon.
And another added bonus in Massachusetts? All indications are the gas tax will be going up to 3-cents a gallon in the budget being hammered out on Beacon Hill.
WBZ NewsRadio 1030 updates gas prices throughout the day. You can also find the cheapest gas near you, on our website.
You can follow Joe on Twitter @JoeMathieuWBZ