Escalating crisis in Iraq driving gas prices higher

Escalating crisis in Iraq driving gas prices higher

The tensions in Iraq could soon be hitting your wallet at the gas pump as experts predict gas prices could hit $4 a gallon and possibly more if the situation doesn't deescalate.

A stay-cation might be a wise option this summer as gas prices are starting to rise.

"This time of year you starting to get into driving season, vacation season and those kinds of things and I think notoriously prices start rising up," Jim Redmon, president of Divine Corporation said.

Washington state has the 4th highest average for a gallon of regular unleaded at $3.94 a gallon. In Spokane the average is 20 cents lower at $3.74.

"It's unfortunate that it gets to be that high but you gotta do what you gotta do, you got to get from A to B, I'm going to pay to what ever it goes to because I gotta get around," Kenneth Lower said.

"It's pretty sad, pretty ridiculous, it's already hard enough to pay this much money, especially if you have to drive a lot," Teresa Hankins said.

The fact is, rising violence in Iraq could lead to rising prices at the gas pump.

"I think we could get close to $4 if the conflict continues in the Middle East," Redmon said.

Iraq produces about 3.3 million barrels of oil a day, the second biggest producer in OPEC after Saudi Arabia. Oil prices are influenced by what might happen in the future, and fears of losing Iraq's supply could force oil prices higher, a cost then sent on to consumers.

If you shop around you can find gas as low as $3.56 a gallon here in Spokane but if you have plans to go to Seattle the average price there has already hit $4.