Turmoil in Iraq Causes Local Gas Prices to Rise

By  | 

If you haven't filled up your gas tank recently, be prepared for some sticker shock.

Prices in Texas have risen six cents in just the past week, and are expected to keep on climbing as long as the tensions in Iraq continue.

Iraq is the second largest producer of crude oil in the world, pumping out 3.3 million barrels a day.

Blinn College Economic Professor James Moreno says, "One of the refineries in northern Iraq is in dispute about whether it's controlled by the insurgents or not. and right now it's in question. right now, shipments from there have stopped".

That big question mark is to blame for a higher price at the pump, mostly because the supply may decrease, but the demand, especially

If there is a silver lining to be had, oil industry analysts do no expect prices to cross the four dollar mark.