Egypt Crisis Drives Up Oil Prices

The crisis in Egypt is adding a fear premium to the price of oil.

CBS News correspondent Anthony Mason reports that crude is now at a two-year high: 92 dollars a barrel.

At least one key global oil price contract topped $100 per barrel, the Associated Press reports.

Egypt itself is not a major oil producer, but Egypt's Suez Canal is a key oil transit route.

Nearly two million barrels a day are shipped through the canal, and another one million move through the Sumed pipeline that also runs through the country.

Live Blog Day 7: Egypt in Crisis

Any disruption there would divert tankers around the southern tip of Africa, a much longer and more expensive route.

At this point, however, most analysts think that's unlikely.

That said, if the unrest in Egypt and Tunisia spreads to the major oil producers in the Middle East, it could certainly have a major impact on our economy.

In that worst-case scenario, you could see oil prices skyrocket, which would put the breaks on our recovery.

[glgred]

I hear the President is thinking about tapping into the reserves. He is only 8 days to late. The oil prices has already sucked billions out of the middle class and poor. But as usual the rich investors have made their money by now. We still have time to protest. The middle class needs to prove their point. Take today (Thursday) off do not buy gas and make the rich suffer their loses. I know the greedy rich are hoping for higher prices and making a killing. Stop the prices where they are make the price go down and the GREEDY will lose their investment betting on the price to go higher. If the middle class and the poor stick together we can overcome anything, We have the numbers. Remember Egypt and the power of numbers!!!

[glgred]

I hear the President is thinking about tapping into the reserves. He is only 8 days to late. The oil prices has already sucked billions out of the middle class and poor. But as usual the rich investors have made their money by now. We still have time to protest. The middle class needs to prove their point. Take today (Thursday) off do not buy gas and make the rich suffer their loses. I know the greedy rich are hoping for higher prices and making a killing. Stop the prices where they are make the price go down and the GREEDY will lose their investment betting on the price to go higher. If the middle class and the poor stick together we can overcome anything, We have the numbers. Remember Egypt and the power of numbers!!!

[glgred]

I hear the President is thinking about tapping into the reserves. He is only 8 days to late. The oil prices has already sucked billions out of the middle class and poor. But as usual the rich investors have made their money by now. We still have time to protest. The middle class needs to prove their point. Take today (Thursday) off do not buy gas and make the rich suffer their loses. I know the greedy rich are hoping for higher prices and making a killing. Stop the prices where they are make the price go down and the GREEDY will lose there investment betting on the price to go higher. If the middle class and the poor stick together we can overcome anything, We have the numbers. Remember Egypt and the power of numbers!!!

[glgred]

I hear the President is thinking about tapping into the reserves. He is only 8 days to late. The oil prices has already sucked billions out of the middle class and poor. But as usual the rich investors have made their money by now. We still have time to protest. The middle class needs to prove their point. Take today (Thursday) off do not buy gas and make the rich suffer their loses. I know the greedy rich are hoping for higher prices and making a killing. Stop the prices where they are make the price go down and the GREEDY will lose there investment betting on the price to go higher. If the middle class and the poor stick together we can over come anything, We have the numbers. Remeber Egypt and the power of numbers!!!