Gas prices spike on Iraq turmoil

By WEEK Producer

June 13, 2014 Updated Jun 13, 2014 at 9:41 PM CDT

PEORIA, Ill. -- Robert Eckert spent almost 60 bucks to fill up his tank Friday. That's slightly more than it cost him a year ago at this time.

It bothers Eckert that the price could jump even more because of the latest unrest in the Middle East.

"Its just aggravating," Eckert said. "We work hard for our money and you have to have gas to get around so it's a necessary expense."

An expense that literally spiked overnight according to one Peoria service station owner.

"For us the wholesale price of gasoline went up about four cents and diesel prices went up about nine cents," said Terry Beachler, one of the owners of Beachler's Servicenter.

And when the price goes up...

"Everybody makes a run on the product to get their tanks full which drives prices up and supplies down," Beachler explained.

In fact, the price of a barrel of oil hit $113 this week. That's $10 more than it was two weeks ago.

If the instability in Iraq continues it could start to impact the cost of an airline ticket. And more.

"That will be a negative for the transportation sector," said financial adviser Joe Stowell, Jr. "Its going to hurt the airlines, its going to hurt consumer travel and companies related to that industry and the trucking companies."

Fuel for thought, even with the events that are happening halfway around the world.