Turmoil in Iraq is causing crude oil prices to spike

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The recent turmoil in Iraq caused world oil prices to increase by about 4% last week. Iraq is the second biggest exporter of oil in the world, recently hitting a 30-year-high in production. World oil demand is increasing, oil production from Iraq is vulnerable to attack, and nobody has the reserves to pick up the slack. Oil price increases will drive the price of unleaded gasoline up 5 to 10 cents a gallon in the next couple of days. Read the full story here.

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