Libya crisis sends U.S. gas prices up 33 cents in two weeks

U.S. gasoline prices increased nearly 33 cents in two weeks, the second-biggest two-week jump in the history of the gasoline market, according to a new survey of filling stations.
The jump was the biggest since a 38-cent hike between August and September 2005. At the time, the price increase was driven by damage caused by Hurricane Katrina.
While Libya is not among the top suppliers of U.S. oil, and only 3% of Libyan oil exports head to the United States, global economics link the events there to the pumps at home.
Libya produces a light, high-gravity crude oil that is most in demand by less complex refineries around the world, Lundberg said. As this oil becomes unavailable, it forces buyers of crude to substitute crude with similar properties from other oil producers, thereby increasing demand and starting a chain reaction that raises prices of crude and gasoline in the United States.

Average per-gallon prices in other cities:
-Charleston, South Carolina: $3.32
-Houston: $3.36
-Atlanta: $3.43
-Boston: $3.48
-Las Vegas: $3.51
-Seattle: $3.60

-Chicago: $3.75

http://www.cnn.com/2011/TRAVEL/03/06/gas.prices/index.html?hpt=T2

By Annie Hung