Middle East Unrest To Raise Your Gas Prices this Summer
It's no surprise, it's happened for decades. But now we are seeing sharp spikes in gas prices again.
The Consumer Energy Alliance is a group that tracks energy prices, supports domestic energy production and other related issues in the U.S.
As you've probably heard in the news, Sunni rebels are battling with Iraqi forces for control of that country's biggest oil refinery, and the end result has been prices jumping. According to the Alliance:
" Brent crude hit a nine-month high near $115 a barrel on concerns heavy fighting in Iraq could limit oil supply from OPEC's second-biggest producer. Gasoline averaged $3.69 a gallon on Wednesday, the highest for the day in six years. Prices were at $3.68 a gallon Thursday."
Just in time for summer vacations, no less. However this Middle East issue could result perhaps in renewed pressure and possible progress on the Keystone XL pipeline project. As world events produce increasing fuel prices in America, and industries and consumers see rising energy prices, there will come a time when push comes to shove.
The Alliance reports legislators eventually will have to do something about it, and this could result in more emphasis on domestic energy and oil production. In the meantime, start saving your pennies, because it's going to be a long, hot summer, and high prices at the pump.