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Friday
Jun132014

Expect Gas Prices to Rise If Iraq Crisis Worsens

iStock/Thinkstock(NEW YORK) -- U.S. motorists will likely feel the repercussions of the crisis in Iraq if it keeps spinning out of control.

As the Obama administration mulls what action to take against Islamic militants overrunning large sections of Iraq, the price of oil has risen to $106 a barrel, the highest level in eight months.

Tom Kloza, senior energy analyst at gasbuddy.com, says that drivers in the U.S. will probably see prices at the pump rise five to ten cents in the next few days.

Currently, the average cost for a gallon of regular is $3.64, which is already higher than it's been at the same point during the years 2011 through 2013, mainly because of higher demand and less production.

Kloza says that Iraq had already cut production by 10 percent since March and if the government can't repel the onslaught of militants, production will certainly suffer more.


Copyright 2014 ABC News Radio