Attack on Iraqi refinery could affect gas prices in US - Dallas News | myFOXdfw.com

Attack on Iraqi refinery could affect gas prices in US

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PHOENIX (KSAZ) -  An assault on an Iraqi refinery is affecting global gasoline prices.

The US National average price reached $3.67 per gallon. That's the highest price for this time of year since 2008, the year gasoline hit its all-time high in this country.

The conflict in Iraq has stoked fears across the region that the gas supply will be affected.

"We are supposed to live in the country of oil and gas. And suddenly we heard yesterday there's no fuel," says Rami Hadad.

But it's not just people in Iraq keeping an eye on oil. In London, oil closed Wednesday at about $114 a barrel--that's up about $6 in the past two weeks.

In the US, while just four percent of our oil comes from Iraq, the crisis there could leave an impact on the pumps here.

"It's already too much as it is, I'll be glad when the prices drop back down," said Mysha Allen.

According to AAA, gas prices have reached a six-year high, and it's likely to remain high throughout the summer.

Earlier this year, it was predicted the national average might decline 10 to 15 cents per gallon, but given the instability in Iraq, that might no longer be the case.

"For people living on the margin, from paycheck to paycheck, if you are paying another 10 or 20 dollars a week for gasoline, to get you to and from work, that can be a real burden," said Bud Weinstein, an SMU economist.

One expert expects national prices to top out at about 3.75 a gallon, which is just about eight cents more than we're paying now.
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