Iraq turmoil increases gas prices in Texoma

MGN Online
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SHERMAN, TX -- The turmoil in Iraq has led to an increase in gas prices not only in Texoma, but across the globe.

Militants from the Islamic State in Iraq and Syria - the ISIS - are sweeping through Iraq in an attempt to take control of the country.

The clashing between the ISIS and Iraq Security Forces has led many citizens to flee the country to escape the violence.

In turn, the violence has disrupted the exportation oil, which is the region's leading resource.

In Texoma, gas prices currently average $3.49 per gallon, but that is expected to soon rise.

Brad Douglass of Douglass Distributing says the increase in gas and diesel prices will likely be seen by the end of the week.

"The prices will be going up just because there's less supply of crude oil on the marketplace," he said, "But we certainly expect it well over $3.50 a gallon in the coming week."

Iraq exports about 2.8 billion barrels of oil a day, according to Douglass.

GasBuddy, a company that analyzes gas prices across the U.S., says the average price of gasoline in Texas increased 1.3 cents over the past week.

That's compared to an increase of 1.8 cents nationwide.

In Oklahoma, the Associated Press reports that gas prices are currently the highest they've been since September 2013.

AAA also points to the Iraq conflict as the reasoning behind the increase, according to the AP.

Douglass said that in addition to higher gas prices, people should also expect a rise in price of groceries since delivery trucks require fuel. Plane fares might also see an increase.

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