Gas prices rising across the country. (Source: KLTV Staff)
TYLER, TX (KLTV) -
The turmoil in Iraq might seem far away, but problems there are affecting us right here in East Texas. If you have been to the gas station recently you might have noticed your bill was a little higher. Unrest in Iraq spells uneasiness at the pump for East Texans.
An army vehicle burning in Iraq is an image that may seem so far away, but the effects hit close to home.
Many East Texans are already seeing the results. Experts project a five to ten cent increase in gas prices in coming days.
“People never know what's going to happen and uncertainty usually takes oil prices higher inevitably," Jeff Grossman, President of BRG Brokerage Inc., said.
Turmoil there means higher oil prices here. On Friday, President Obama said there have been no actual disruptions in oil supply, it’s just nerves impacting the industry right now.
“As you might expect world oil markets react to any kind of instability in the Middle East. One of our goals should be to make sure that in cooperation with other countries in the region, not only are we creating some kind of back stop in terms of what's happening inside of Iraq, but if there do end up being disruptions inside of Iraq that some of the other producers in the gulf are able to pick up the slack," he explained.
With questions still unanswered as to how the fighting will directly impact the oil industry, experts can only assume what our pumps will read over the next several weeks.
“Whether or not there is a disruption, whether or not anything serious really happens, that's just the nature of the animal,” Grossman continued. “So, again it shouldn't really be reflected during this summer but I can tell you right now more likely than not you'll see certain bit of an increase in the next few weeks."
Many East Texans like Arlene Campos are limiting their driving, but still have to fill up weekly.
”It’s just like going taking my sisters to school and taking me to school, that’s basically it,” she said.
Gas prices are just slightly higher today than they were this time last year. Prices are up across the country not just in Texas.
“I gotta limit what else I can get, but you gotta have gas. If I gotta fill up that’s like $10 less I can get in groceries because you gotta have gas to get around,” Daniel Villanueva, who was filling up in Tyler, said.
And with no end in sight to the fighting overseas, it seems here at home we’ll just have to budget accordingly.
Friday, August 22 2014 3:11 PM EDT2014-08-22 19:11:37 GMT
A 22-year-old woman and a 4-month-old baby are recovering in the hospital after being struck on the sidewalk in a hit-skip accident. The driver is in custody, but the passenger remains on the run. More >>
A 22-year-old woman and a 4-month-old baby are recovering in the hospital after being struck on the sidewalk by a driver who didn't stop at the scene of the accident. The driver is in custody, but the passenger remains on the run. More >>
Tuesday, August 19 2014 4:10 PM EDT2014-08-19 20:10:07 GMT
The police chief for Gulf Shores along Alabama's coast is weighing-in on the actions of the law enforcement commander in charge of Ferguson, Missouri's in the wake of an escalating crisis brought on byMore >>
Gulf Shores Police Chief Ed Delmore wrote a blistering open letter to Captain Ronald S. Johnson, who was given command of law enforcement operations following days of looting and rioting in the city.More >>