FORT WAYNE, Ind. (WANE) An analyst with GasBuddy.com predicted that increased violence in Iraq could trigger a jump in gas prices as early as Friday morning and it appears that is happening. Data provided by GasBuddy.com on wane.com’s Gas Gauge indicates some stations have hiked the price for a gallon of regular unleaded to just under $4.00 a gallon.
“I believe that stations will likely begin to increase prices very soon, perhaps to over $4 a gallon in some areas on fears of new violence in Iraq slowing oil production and exports,” said Patrick DeHaan, Senior Petroleum Analyst of GasBuddy.com.
“The violence has caused oil prices to close at their highest level since last September, and could lead to further price spikes if the violence escalates or spreads,” DeHaan said. “A spike in crude oil prices also put upward pressure on wholesale gasoline prices, which rose 6-9 cents per gallon across the country, and sets the stage to cause a spike in gasoline prices that looks ripe to hit pumps in the next 24 hours.”