WTI crude oil prices have jumped over 14% in the last 12 days (from $92.67 to $105.99) since Egypt erupted - and no, it's not 'growth' hopes as last night's collapse in China did nothing to dent the surging social-unrest-premium. It seems, as much as Egypt, that the total collapse in the Brent-WTI spread is becoming self-feeding now - back below $2.50, its lowest in over 31 months. So between infrastructure issues in the US, technicals in the market, and Middle-Eastern unrest-premia, we are looking at the possibility of $4.10 gas in the not-too-distant future if this is anything but instantly transitory.
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At these levels we should expect gas prices at the pump to top $4.10...!
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Charts: Bloomberg