Iraq oil refinery crisis could lead to higher gas prices
POSTED: Wednesday, June 18, 2014 - 6:25pm
UPDATED: Monday, June 23, 2014 - 2:27pm
Tyler , TX (KETK) — Sunni militants attacked Iraq's largest oil refinery on Wednesday. Experts say this could make crude oil prices rise. "The consumer is going to suffer, gasoline prices will go up," said John Graham, owner of Graward Operating in Tyler. He said the Sunnis are capturing assets used by Iraq for oil production and transport, and their actions over seas could affect everyone worldwide, and here in the U.S.. "The world markets are very spooked. Even with all the new production going on in the United States, we still need the world markets to be satisfied," said Graham.
He says this is eliminating around 30% of the capability of exports, only hurting our wallets more. "Iraq's oil is necessary for the world market to be satisfied. If world market prices go up, then our prices have to follow because we still import a certain amount of our oil even though its not involved in that area directly," said Graham.
"I mean, I already think gas is too high," said Cari Crooks. The East Texan also said she may have to make a few lifestyle changes if prices continue to skyrocket. "I just bought a new car that doesn't get the gas mileage that I'm used to getting, so I may have to trade it back in for something smaller," said Crooks. Susan Myers agreed with Crooks. She told KETK every summer her family takes a road trip to North Carolina, and they may have to adjust as well. "With the gas prices going up, its going to make it tighter, my husbands going to have to work extra, or we're going to have to find the money somewhere," said Myers.