Originally posted on News 92 FM | Official Site for Houston News, Traffic, Weather, Breaking News:
Just in time for the holiday, turmoil in the Middle East is prodding price points higher. “I think the calculus changed when Iraq moved to the front page with the fall of Mosul,” says GasBuddy Chief Oil Analyst, Tom Kloza.
North American oil prices have risen by just a few pennies since the Iraqi violence put a question mark around the future stability of supply.
But Kloza says it’s not going to be as bad as in past years. “Generally, we’re going to be paying anywhere from 5- to 20-cents less,” he says, but “it is actually going to be the highest priced July 4th Holiday since 2008.”
The national average this week is $3.68–20-cents higher than last year. In Houston, the average pump price is $3.49–up 16-cents from last year.
“Even though Iraq contributes less than 3-million barrels of…
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