Iraq is one of the world’s largest oil producers, so when the ISIS militants rolled in from Syria and took over Iraq’s largest oil refinery, global oil traders and gas companies braced for a sharp spike in prices. Consumers expected to see higher prices at the pump in short order.
Instead, oil and gasoline prices are lower than they were a year ago. As you can see from the chart below, “regular” grade gasoline prices in different parts of the U.S. fell during the winter and have risen again in the summer months. If you happen to live on the …Read More