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

http://losangeles.cbslocal.com/2014/06/13/analyst-warns-fall-of-baghdad-woul
d-make-current-gas-prices-look-like-a-bargain/

Now  wasn't the point of the invasion of Iraq to seize the Iraqi oil and
keep it for ourselves?  At least that was what the Liberals were telling us
was President Bush's true intention. You know, "blood for oil" and all that.
So what happened? Where's the oil? Did somebody forget something?

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.

The average price of a gallon of self-serve regular gasoline in Los Angeles
County dropped three-tenths of a cent Friday to $4.129, its lowest since
April 7, according to figures from the AAA and Oil Price Information
Service. While that price is nearly 13 cents more than one year ago, most
experts are predicting a relatively tame 7 to 10 cents a gallon increase in
the next two weeks as the summer season kicks off.

But any reduction in the flow of Iraqi crude due to the ongoing Islamic
insurgency in the northern Iraq cities of Mosul and Tikrit could have
worldwide economic consequences, according to oil industry analyst Phill
Flynn, who said speculators are watching for the worst-case scenario.

“They think that Baghdad will not fall and that will be a more spirited
defense of that city,” Flynn said. “But if it does fall and if the
terrorists move further south, the price you’re paying at the pump today is
gonna look like a bargain in a couple weeks.”

... President Barack Obama said Friday he is weighing a range of options for
countering the violent Islamic insurgency in Iraq, but he warned government
leaders in Baghdad the U.S. will not take military action unless they move
to address deep-seated political troubles.

“We’re not going to allow ourselves to be dragged back into a situation in
which, while we’re there we’re keeping a lid on things, and after enormous
sacrifices by us, after we’re not there, people start acting in ways that
are not conducive to the long-term stability and prosperity of the
country,” Obama said from the South Lawn of the White House.

The president did not specify what options he was considering, but he ruled
out sending American troops back into combat in Iraq. The last U.S. troops
withdrew in 2011 after more than eight years of war.

By Epictetus