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Crisis in Iraq could affect you at the pump

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Posted: Jun 17, 2014 7:46 AM by Hunter Robinson
Updated: Jun 17, 2014 8:54 AM
Source: CNN

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Topics: crisis, Iraq, terrorists, Islamic, militants, capture, cities, oil, prices, gas

BATON ROUGE - The summer driving season is here, which means higher prices at the pump. The conflict in Iraq could cause gas costs to rise even more.

Islamic militants have been marching around the country, capturing cities and slaughtering members of the Iraqi military. They have captured several major towns and cities and have implemented extreme Sharia law.

Since word of the fighting broke last week, prices have already risen. The national average is now around $3.66/gallon.

The Obama administration is currently discussing the right course of action. Nearly 300 additional U.S. Soldiers and Marines are now in the middle eastern county. They are ready to protect American personnel in Baghdad. Several warships, including a carrier equipped with 40 fighter jets, as well as two ships that can fire missiles sits in the Persian Gulf.

All of the uncertainty is enough to drive oil prices higher. Iraq currently produces 3.3 million barrels of oil a day. There are now fears that we could lose that supply. That means oil prices will go up, and when that happens, so will the price of gasoline.

Even though gas prices will see a jump, it will not be as high as in recent summers. Experts do not expect the national average to top $4.00 this summer.

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