CBS News
A rising tide of violence in Iraq is driving up prices at the pump.
The hike in gas costs follows the battlefield successes of the Islamic State in Iraq and Syria (ISIS), an al Qaeda breakaway group backed by Sunni fighters and other groups, in northern Iraq. The cost of crude rose Friday afternoon to nearly $107, a 10-month high, amid fears that the mounting insurgency there could lead to major disruptions of oil shipments. Brent crude futures, an international benchmark, climbed 54 cents to $112.96.
Iraq is the third-largest exporter of oil in the world and has the fifth-largest crude reserves, according to the Energy Information Administration.
Oil prices rose Friday afternoon to nearly $107 a barrel, a 10-month high, amid fears that the insurgency could affect crude supplies from Iraq. Brent crude futures, an international benchmark, climbed 54 cents to $112.96.
"It is guaranteed that consumers will pay higher gas prices in the coming days, due to the turmoil in Iraq," said Michael Green, a spokesman for AAA. "The price of oil has gone up in recent days due to the fact that the production in Iraq might be curtailed and there could be increased conflict in the Middle East. And whenever oil prices go up, that is going to affect you at the gas pump."
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A rising tide of violence in Iraq is driving up prices at the pump.
The hike in gas costs follows the battlefield successes of the Islamic State in Iraq and Syria (ISIS), an al Qaeda breakaway group backed by Sunni fighters and other groups, in northern Iraq. The cost of crude rose Friday afternoon to nearly $107, a 10-month high, amid fears that the mounting insurgency there could lead to major disruptions of oil shipments. Brent crude futures, an international benchmark, climbed 54 cents to $112.96.
Iraq is the third-largest exporter of oil in the world and has the fifth-largest crude reserves, according to the Energy Information Administration.
Oil prices rose Friday afternoon to nearly $107 a barrel, a 10-month high, amid fears that the insurgency could affect crude supplies from Iraq. Brent crude futures, an international benchmark, climbed 54 cents to $112.96.
"It is guaranteed that consumers will pay higher gas prices in the coming days, due to the turmoil in Iraq," said Michael Green, a spokesman for AAA. "The price of oil has gone up in recent days due to the fact that the production in Iraq might be curtailed and there could be increased conflict in the Middle East. And whenever oil prices go up, that is going to affect you at the gas pump."
Read more
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