What Does the Unrest in Egypt Mean for American Economy?

People have been questioning the role of social media in Egypt due to the protests, now people are questioning how this revolt will affect global economic recovery. An article from the Huffington Post reports that the Suez Canal in Egypt transported 2.9 million barrels of oil daily (according to the U.S. Energy Dept., 2009). As the Egyptian army increases security around the canal, trade passages will be blocked which most likely increase the price of oil and economists say that "a dollar increase at American gas pumps tears more than a billion dollars from the economy each year." Price increase (especially with oil) makes me a bit uneasy, as I'm sure it does for many other people and I think all we can do is try and not to let money issues be the cause of panic. This may be a very unfortunate situation for the economic recovery in America as high gas prices seem to hit us harder than the cost increase of other commodities but we need to realize that sometimes we can't just hope for the best, we have to make sacrifices to avoid the worst.