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July 15, 2013

Egyptian unrest leads to higher prices at pump in Chickasha, state

— Unrest in the Middle East and the subsequent higher cost of oil sent gas prices skyrocketing last week in Chickasha and Oklahoma.

Gasbuddy.com reports a 15.6 cents per gallon rise in the average price of gas in the state.

The increase is almost an almost full five cents higher than what the rest of the nation saw.

"Including the change in gas prices in Oklahoma during the past week, prices yesterday were 17.3 cents per gallon higher than the same day one year ago and are 4.4 cents per gallon lower than a month ago," a release from Gasbuddy.com said. "The national average has increased .4 cents per gallon during the last month and stands 19.5 cents per gallon higher than this day one year ago."

The instability of the market isn't expected to subside as tensions continue to worsen in Egypt and other portions of the Middle East.

"Nationally, gasoline prices have begun moving upward yet again. I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "The market is seemingly quite sensitive to the situation in Egypt as the Energy Information Administration has reported two consecutive weeks of large declines in crude oil inventories, drawing concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside."

Gas prices in Chickasha hovered around four cents less than the state average on Monday at $3.40 per gallon.

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