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Originally Posted by Paslode
It could get more interesting, and if the canal were to be blocked or restricted we all might have to deal with it at the gas pump.
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Gas prices shouldn't be effected too much by the Suez.
Here's a good summary of Egypt and energy.
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Facts on Egypt: oil and gas
Suez Canal
Oil
The Suez Canal used to be a major choke point for crude oil coming from the Middle East destined for Europe and the US. Two major incidents come to mind: 1956 and 1967 (until 1975), when shipment through the Suez Canal was completely blocked. At those times, almost 10% of global crude oil supply was trafficking through the Suez Canal. The introduction of Very Large Crude Carriers (VLCCs) changed the picture dramatically. VLCCs are too large for the Suez Canal, but thanks to their size, VLCCs made shipments around the African Cape competitive with shipments through the Suez Canal. Nowadays less than 1% of global crude oil
supply is shipped through the Canal. The Suez Canal is a two-way street: crude oil and oil products are shipped in both directions: north to the Mediterranean and south to the Red Sea. The flows almost balance: some 55% of total shipped oil is Northbound and 45% is Southbound.
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It's worth checking out the link. The paper continues, but it doesn't copy and paste well.