Iraq turmoil causes rise in gas prices

Iraq turmoil causes rise in gas prices

Posted: Updated:
NEW YORK (MYFOXNY) -

Prices at the pump tend to drop in June, but that’s not the case as of late due to the turmoil in Iraq.

Gasoline prices hit a six-year high this week and are likely to remain high well into the summer, according to AAA.

On Thursday, a gallon of regular gasoline was $4.03 in New York City, which is 18 cents higher than in 2013 when the gas price was $3.85 on the same day.

The largest oil refinery in Iraq came under attack by Sunni militants a day earlier. While there is no confirmation if they have full control of the refinery, oil companies aren’t taking any chances.

Exxon Mobil and BP pulled personnel from the refinery only 150 miles from Baghdad due to fears of more attacks.

“There is the fear tax where speculators bid up the price of crude oil in anticipation of attacks like this spreading to other areas,” said Robert Sinclair of AAA. “If things calm down, we will stay where we are and oil prices will decrease.”

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