Financial Expert: Iraq Conflict Won't Heavily Impact Gas Prices

Thursday, 19 Jun 2014 05:56 PM

By Courtney Coren

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There is great anticipation over what effect the conflict in Iraq could have on oil and gas prices, but financial expert and author Eric Schiffer says he doesn't expect "a major impact right now."

"This refinery that was taken over allegedly by ISIS was largely taken over by, from sources I have, Iraqi families and people within Iraq that are now controlling it," Schiffer told Ed Berliner on "MidPoint" on Newsmax TV on Thursday. 

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"What did they do when they first took it over? They flipped on the energy and electricity for the Iraqi people," he explained. "Does that sound like someone that's trying to do harm to the state of Iraq?"

The CEO of DigitalMarketing.com contends that the conflict in Iraq is not merely being caused by the Islamic State in Iraq and Syria [ISIS], but by the Iraqi people themselves.

"The media is making a big deal about ISIS being the large piece of this, but my sources on the ground in Iraq are suggesting that actually this is largely driven by the Iraqi people and when you hear President [Barack] Obama's comments today, it reinforces that," Schiffer added.

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