FAIRFIELD COUNTY, Conn. -- Escalating conflict in Iraq could cause gas prices to spike in Fairfield County and throughout the United States, according to CNN.
The outbreak of violence on Thursday caused oil prices to jump to $106 per barrel, the highest levels since September 2013, CNN reported.
The price of crude oil has a direct impact on gas prices. For every dollar per barrel crude oil goes up, gas prices also increase between 2 and 2.5 cents per gallon, CNN said.
If crude prices continue to rise, the price of gas back home could spike as much as 20 cents per gallon back home, according to CNN.
- 1 Stamford Will See Widespread Snow Sunday Into Monday
- 2 Stamford Man Sentenced To 3 Years For Mortgage Fraud
- 3 March Comes In Like A Lion As Latest Snowstorm Hits Stamford
- 4 New Canaan Cop Dragged During Arrest Narrowly Escapes Serious Injury
- 5 Former NBA All-Star, New York Knicks Player Anthony Mason Dies At 48