Iraq conflict may drive up oil prices up to $10 a barrel

US soldier with oil rigs on the background
Source: DollarPhotoClub

The current violence in Iraq could raise oil prices by as much as $10 a barrel and continued violence could send prices at the pump up by 20 cents – -Breitling’s CEO Chris Faulkner told the viewers of CNBC’s Street Signs on Tuesday.

“Keep in mind that it’s not just about Iraq,” said Faulkner. “It’s also China building a petroleum reserve, it’s about security concerns in Nigeria, Libyan oil now is non-existent in the market, and all those things are creating the tailwinds that are pushing the price of oil up. Iraq is just another piece of the story.”

Faulkner noted that the United States is now producing nearly 8.6 million barrels of oil per day, nearly on par with Saudi Arabia, and could further insulate itself from price swings by fully exploring and developing all oil reserves in the country. “I definitely think it’s (the Iraq conflict) going to draw attention back (to U.S. production) and hope that that happens in the very near term,” he said.

Faulkner, who is in New York attending and speaking at New York Energy Week, announced the June 30 release of his new book, The Fracking Truth, yesterday and the June 18 debut of a new documentary he produced called Breaking Free.

Dallas-based Breitling Energy Corporation is engaged in acquisition and exploration of lower risk onshore oil and gas properties. The company holds acreage in the Permian Basin of Texas and the Mississippi oil window of southern Kansas, as well as in North Dakota, Oklahoma and Mississippi.

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