Iraq oil refinery crisis could lead to higher gas prices


POSTED: Wednesday, June 18, 2014 - 5:25pm

UPDATED: Monday, June 23, 2014 - 1:27pm

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.

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What a shock! Not. I can't tell you how many excuses I have heard for higher prices. Greed!

Prices are already going up.

Thanks to Obama and his 'smart diplomacy' most of the middle east is going ape. By overthrowing Gaddafi and leaving a power vaacum Obama set the country on the road to a takeover be So Qaeda. The now use Libya as a training ground.

Add to that Obama got rid of agents on the ground (not unlike Jimmy Carter) relying on spy satellites and drones. And so the WH was shocked it all happened so fast.

Hope for change in 2014. Can't vote Obama out so vote Dems out.

What a joke, everything from the weather to a frog getting sick causes our gas prices to go up. The oil companies play the American people for fools every day and our government backs them up. If gas is going to go up here then I hope they destroy every oil well in the middle east. We should have been weened off oil a long time ago, but the oil companies have a lot of pull in high places.

Oil trades on a floor just like stocks, So before you blame Exxon Mobil for americas sorry trading systems thisnk again. We should destry Exxon Mobil and have the arabs oil companies run the show. We can trust arabs right? Funny how some people compalin about gas prices but still smoke and drink and never compalin of the cost. Americans pay a $1.00 per bottle of drinking water. Gas is cheaper than bottled water!!!!!!!! FOOLS

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