3 reasons Iraq conflict isn’t driving up gas prices (yet)

3 reasons Iraq conflict isn’t driving up gas prices (yet)

San Francisco Chronicle | June 21, 2014 | by Kathleen Pender

Thanks to increased production in North America, the United States has become less dependent on imported oil since the Libyan crisis began. “Our imports have fallen a lot, in particular from the Middle East,” Cooper says. U.S. production has gone from about 5.5 million barrels a day to almost 8.5 million in the past three years, and could hit 10 million within a few years, Kloza predicts. Most of the increase is a result of fracking.

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