20 Jun 2014 More
Iraq Woes Send Gas Prices Highersposted by Brown Books @ 09:27 0 Comments
The price for a gallon of gas here in the US has risen on average by almost 2 cents in the past two weeks, this as the crisis in Iraq continues to pinch world oil supplies. A recent survey shows gas prices at $3.71 on average here in the US.
As the Islamist insurgency continues to plague the country, and now with China threatening to pull out its 10,000+ workers, speculators worry that world oil production may suffer further setbacks. During the past two weeks however, oil refiners have been absorbing the costs of the increases, not passing them onto consumers. This is not a trend that is expected to continue.
Right now Chicago chimes in with the highest average prices at $4.15 per gallon. Lowest prices are again in Tuscon, Arizona where a gallon of regular unleaded goes for $3.37 per gallon.
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