Experts: New developments in Iraq will affect US gas prices

The recent problems arising in Iraq have many major effects; one of its more minor ones will be a bump in gas prices for the U.S.

As CNN reports, oil markets were counting on Iraq to increase its stability over the next few years - and with that, increase its output of oil.

Iraq produces roughly 3.3 million barrels of oil a day, making it the second largest producer in OPEC (Organization of the Petroleum Exporting Countries) after Saudi Arabia.

Because oil prices are influenced by what might happen in the future, even fears of losing Iraq's supply can force oil prices higher - a cost eventually passed along to all of us.

Watch the attached video to hear more about this cause-effect relationship.

And find out what prices look like in your area here.

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