Analyst: Fall Of Baghdad Would Make Current Gas Prices ‘Look Like A Bargain’

Gas Prices

Oil industry analysts are warning a brewing civil war between Islamic militants in Iraq could potentially send gas prices soaring here in the Southland.

KNX 1070′s Pete Demetriou reports the price of crude oil has shot up to $107 per barrel – the highest in 10 months – on reports that soldiers with the al-Qaeda-inspired Islamic State of Iraq and Syria captured two towns in an ethnically mixed province northeast of Baghdad.

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