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

CBS Los Angeles ^ | June 13, 2014

[TigerClaws]

LOS ANGELES (CBSLA.com) — 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.

[Sacajaweau]

Maybe the EU can run to Iraq and get the Nero dude with their squirt guns.

[Plane_Guy]

The price of gasoline will “necessarily skyrocket”

[Carl Vehse]

All part of Traitorobama’s “Destroy America” campaign, endorsed by the DemonicRats.

[mountainlion]

The US has been exporting gasoline so the effect should be less than expected.

[cableguymn]

Does not matter, the current price of oil is a world wide price.. any drop in supply anywhere will cause a drop in supply.

Obama is a-ok with this as he wants higher EU type prices.

[TigerClaws]

Disregard higher prices impact his voter base the most.

Remember when George W. was in office and there was a story every night on the news about the high gas prices? Never hear it mentioned on the news now and it’s certainly not Obama’s fault.

[2ndDivisionVet]

Huh? I thought the USA was now #2 in oil and gas and quickly catching up to Saudi Arabia in the passing lane. If so, why should Iraq, whose spigots were turned off for years, IIRC, matter?

[snoringbear]

“Maybe the EU can run to Iraq and get the Nero dude with their squirt guns”.

What what I can gather from the news this ISIS bunch is hauling @$$ for Baghdad as fast as they can. If they can get into the city of Baghdad and among the locals then they will have mitigated U.S. ability to use air power. Thus, advantage ISIS and the inevitable fall of the city. Once Baghdad falls then the Iraqi power structure will be crushed and done. Game over, ISIS wins....

[Dallas59]

Billions of barrels of oil here...just too bad we don’t have refineries to handle it.

[jonrick46]

I made the comment that a topple of the Iraq government will cause gas prices to skyrocket. The idiot I told that to said, what happens to Iraq should not matter because we don’t buy oil from them. Market reality was not his thing, as with most American, who have their heads in the sand.

[Dallas59]

Where does America get it's oil?

[familyop]

Yeah, it would be pretty rough to get far from home and see fuel prices suddenly skyrocket. A panic would be possible.

[familyop]

From the U.S. Energy Information Administration:
"The U.S. imported approximately 10.6 million barrels per day of petroleum in 2012 from about 80 countries. We exported 3.2 MMbd of crude oil and petroleum products, resulting in net imports (imports minus exports) equaling 7.4 MMbd. Net imports accounted for 40% of the petroleum consumed in the United States, the lowest annual average since 1991. "Petroleum" includes crude oil and refined petroleum products like gasoline, and biofuels like ethanol and biodiesel. In 2012, about 80% of gross petroleum imports were crude oil, and about 57% of all crude oil that was processed in U.S. refineries was imported. The top five source countries of U.S. petroleum imports in 2012 were Canada, Mexico, Saudi Arabia, Venezuela, and Russia."

[2ndDivisionVet]

This is 2014.

[FlingWingFlyer]

Barry is doing a sleepover this weekend with a couple of California pixies. We’ll have to get back to him later on this.

[familyop]

There are no numbers for 2014, yet, except for the funny numbers that we’ve seen in propaganda. The truth of the matter is that the U.S.A. is still a net oil importer.

[lightman]

Remember when George W. was in office and there was a story every night on the news about the high gas prices?

Remember gas being $1.49 on Ø's Innauguration Day 2009?

[Teacher317]

Does not matter, the current price of oil is a world wide price.. any drop in supply anywhere will cause a drop in supply.

Even if Iraq's entire production is shut off immediately, and not sold by the profiteering terrorists, the world supply falls by less than 4%... and only temporarily at that.

[familyop]

There are some numbers for this year after all.

Net imports: 5.382 million barrels of oil per day in March, 2014.

U.S. Energy Information Administration