US: fuel prices on the rise on Iraqi turmoil image

The worldwide petrol markets have been deeply ruffled by the latest turn of events in Iraq, one of the bigger members in the OPEC organization and the US gas prices start to feel the pressure.

For now, across the country the prices have remained rather stable, but it looks like the decline that silently entered many states in recent months has started to recede – for example aggregator GasBuddy.com saw estimated gasoline prices growing by three cents over the past week – reaching an average of $3.683. Additionally, the price for low-sulfur diesel oil in the New York Harbor markets has jumped 10 cents in the past two weeks.

“Despite hopes for a less expensive summer, it looks like Americans are stuck paying above-average gas prices,” said Michael Green, AAA spokesman.

That’s because the usual price drops around the weeks after the Memorial Day holiday haven’t occurred, and the average transaction price of $3.67 for a gallon of regular gasoline on June 18 was the biggest since 2008.

The AAA, which estimates that global oil prices make up more than two thirds of the pump price of gasoline, saw that while before the crisis in Iraq started, prices at the pump declined in the US for 32 of 44 days – but since then they steadily increased.