How the Iraq crisis could hit your wallet - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

How the Iraq crisis could hit your wallet

How the Iraq crisis could hit your wallet

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CHARLESTON, S.C. (WCIV) -- Gas prices weren't supposed to take too much of a ride this summer, but the unrest in Iraq could change that.

Experts say oil markets were counting on Iraq to increase stability over the next few years and with that, increase its input. Iraq produces about 3.3 million barrels of oil a day, the second largest producer in OPEC after Saudi Arabia.

"Obviously if in fact, ISIL is able to be taken control over major output significant refineries, that could be a source of concern," President Barack Obama said in a press conference.

Since oil prices are influenced by what might happen in the future, even fears of losing Iraq's supply can force oil prices higher.

It's a cost that could eventually be passed on to consumers.

"For people at the pumps, it's a bad scene, because there are no real reasons for oil to drop here. The risks continue to remain on the upside. Iraq is only one of several geopolitical issues that are out there. And in fact we're going to see higher prices," said Daniel Dicker, an oil trader.

Analysts say the higher gas prices predicted are still not going to be as high as Americans have seen at the pump in recent years.

Many analysts don't expect to see U.S. gas prices pass a nationwide average of $4 per gallon.

AAA says the average gas price in the Lowcountry is $3.46 per gallon. It is currently the highest price in the state.

  • Stefanie Bainum

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