JACKSONVILLE, Fla. - WOKV’s oil expert says the turmoil in Iraq is affecting global crude oil prices, and it’ll soon catch up to Jacksonville.
“With crude prices where they are right now, and with wholesale gasoline prices moving higher, I think it would be reasonable to expect prices to go up by as much as ten cents a gallon in the next couple of weeks,” says Gregg Laskoski with GasBuddy.com.
As of Monday night, the national average for a price of a gallon of regular gas $3.65, up two cents over the last week.
“That may not sound like a lot, but it’s a pretty significant increase in a short time span,” Laskoski says.
Benchmark crude is currently at $107 a barrel, which is the highest we’ve seen in almost a year.
Laskoski says it’s all happening as Iraq falls is Sunni militants who are taking over cities, including Mosul, the country’s second-largest city. Iraq is the second largest OPEC member that exports oil, right behind Saudi Arabia. The country exports about 3.5 million barrels of crude a day. Tremendous oil fields surround the capital of Baghdad to the north and east.
“With the civil war, basically, that’s going on there, there’s a great deal of uncertainty about who is going to control that supply and whether or not that export is going to be interrupted,” Laskoski said.”
On Monday, the average price for a gallon of regular gas in Jacksonville was $3.56, down one cent from the week before. Laskoski says he expects the price to start going back up by the end of the week.