Violence in Iraq is expected to slow down production and that will definitely impact world prices for crude oil.
You can expect to notice the impact at your gas pump the next time you fill up. Houston prices have jumped five cents in the last week. Triple-A Texas spokesman Doug Shupe says we would normally expect them to be going down right now.
“Gas prices typically decline June and, in fact, the national average fell in June during the last three years,” Shupe says, “but analysts say the recent turmoil in Iraq is likely to prevent that trend from repeating this year.”
Shupe says the industry is watching with concern.
“Much of the attention of the global market watchers has shifted,” he says, “from Ukraine and Russia to that widespread violence in Iraq.”