Speculators Use Iraq to Drive Up Oil and Gas Prices: Sen. - TopicsExpress

Speculators Use Iraq to Drive Up Oil and Gas Prices: Sen. Bernie Sanders accused oil companies and Wall Street speculators of using unrest in Iraq as a phony excuse to artificially drive up crude oil and gasoline prices. The price of oil rose on Thursday above $115 a barrel – a new nine-month high on the New York Mercantile Exchange – ostensibly because of concerns that sectarian violence in Iraq could cut off the countrys exports. The price of regular gasoline rose to $3.67 a gallon on Thursday, up a nickel in the past month, according to gasbuddy. That was despite the fact that today there is more supply and less demand for gasoline than five years ago, when the average price of a gallon of gas was just $2.67 a gallon. Read more here: sanders.senate.gov/newsroom/recent-business/speculators-use-iraq-to-drive-up-oil-and-gas-prices

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