Iraq conflict could impact U.S. gas prices

ISIS captured key oil fields in Iraq on August 3rd

SPRINGFIELD, Mass. (WWLP) – The conflict in Iraq is far from over, as ISIS militants continue to threaten the lives of thousands of Iraqis. That conflict has many wondering what, if any, impacts we could see here in the United States.

According the global research website, ISIS captured key oil fields in Iraq on August 3, and that could impact gas prices here in the United States.

WNEU economics professor Karl Petrick told 22News, “First the price spiked up, then it came back down again as things kind of seem to be more stable. But as this is ongoing, and with the situation going on with Russian and Ukraine, both of those tend to affect supply, which would tend to drive the price up.”

The average price for a gallon of gas is $3.48 in the U.S. That’s cheaper than a year ago, even with the ongoing fighting in Iraq.

Petrick says the chance of a huge spike in gas prices is slim at this time.

blog comments powered by Disqus