Consumer Minute: Tensions in Iraq could impact Gas prices

COLUMBIA, SC (WOLO)–Escalating tensions in Iraq could cause oil prices to increase, meaning drivers could soon be paying more at the pump. Crysty Vaughan has a breakdown on when we could see the increase and by how much in this Consumer Minute. (Video Courtesy CNN) Iraq produces about 3 million barrels of oil a day, the second biggest producer behind Saudi Arabia. Since oil prices are often influenced by what “might happen” even fears of losing Iraq’s supply could force oil prices higher. (Sound bite) 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 at the pumps. Right now in the Midlands drivers are paying an average of $3.40 per gallon.