http://www.foreignpolicy.com/articles/2014/06/11/iraqs_insurgency_and_the_threat_to_oilIraq's Insurgency and the Threat to Oil
Americans might have forgotten about the Iraq war, but they’re about to feel it at the gas pump.
The insurgent drive poses little immediate threat to oil production or exports from OPEC's second-largest producer, which explains why oil prices haven't exploded. But Iraq's disarray, coupled with a series of stubborn crude-supply outages in Libya, Sudan, Nigeria, and ongoing sanctions on Iranian exports, portends a summer of high oil prices with potentially dire effects on the global economy.
The 400,000-barrel-per-day northern oil-export pipeline that snakes past Mosul on its way to Turkey has been out of commission since March because of terrorist attacks anyway, so the ISIS offensive hasn't taken any additional oil out of the export market yet.
Fortunately, the Islamic State in Iraq and the Levant is powerless to affect the price of my daily commute...