The Price For Iraq's Unrest

By Nikki Henderson |

Published 06/20 2014 04:14PM

Updated 06/20 2014 04:21PM

Americans are paying the most for a gallon of gasoline since 2008, partly due to oil market speculation as a result of the militants taking over parts of oil-rich Iraq.  Steve Handelsman reports.

Steve Handelsman reports on how the Iraq crisis is affecting the gas pumps in America. Prices that normally drop 20 cents in June are not. Experts blame the radical Islamic fighters of ISIS who are targeting Iraq's wells, refineries and cities. Secretary of State Kerry is heading to Iraq where the nation's top Shiite Religious leader warned Prime Minister Maliki to put more Sunnis in the government.

Michael Green of AAA says "there's a real fear that the rebels may take Baghdad or the southern oil producing areas in Iraq. That concern is driving up the cost of oil and making it more expensive for refineries to produce gasoline"

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