SMU economist says fighting in Iraq won't impact oil prices much - Dallas News | myFOXdfw.com

SMU economist says fighting in Iraq won't impact oil prices much

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Fighting in Iraq and an attack on the largest oil refinery there raised concerns that drivers could see even higher prices at the gas pump.

SMU economist Bud Weinstein says U.S. oil production has increased 100 percent in the last five years, so he believes the impact won't be as harsh as it might have been even a few years ago.

Weinstein says in addition to higher domestic oil production, Americans are using less gas and driving less.

Drivers who buy gas to get to work say any increase is too much, though.

AAA says U.S. gas prices were declining, but they've risen steadily for the past week to a six-year high of $3.66 for a gallon of regular gas.

The average cost for a gallon in Texas is $3.47, and in the Dallas-Fort Worth area, it’s about $3.52 a gallon.


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