Sunni militants pushed their way through Iraq's Nineveh Province in northern Iraq on Wednesday, threatening the major oil refining city Baiji, according to reports.
If the insurgents gain control over the 3 million gallons of oil in Baiji, it would cause a smaller supply with the same demand, experts said.
“Gas prices generally react very swiftly,” DeHaan said. “It’s certainly not unexpected given the violence in Iraq.”
There is no reason yet to think the gas prices will spike significantly, DeHaan said. However, the situation is causing concern for already stretched Dayton residents.
“I’m on a budget, I think everyone here in town is on a budget. It’s just not very practical to fill up today,” Joe Dannon, a Dayton resident, said.
Gas prices have only jumped about a dime up from where they are normally this time of year, DeHaan said. Gas refineries usually do maintenance on their facilities in May, as well as begin to send out a more expensive gas created for summer. Prices would normally have fallen from around $3.60-3.70 a gallon, but because of the situation in Iraq, the numbers jumped, he said.
“It’s outrageous. (Gas prices) have jumped so high within the last two to three weeks,” Luth Richa-Henderson of Dayton said.
Gas prices in Michigan, Indiana and Kentucky, according to GasBuddy.com, but the rest of the country will see a slower price hike in the coming days.
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