Unrest In Iraq Likely Will Lead To Higher Gas Prices Locally

I hate to be the bearer of bad news, but it appears we all soon might be paying more at the gas pump. Why? The chaos in Iraq is threatening to impact the supply of oil that makes it to market.

Our interview last week with Luke Coffey of the Heritage Foundation does a good job of outlining exactly what's happening on the ground and why there's so much uncertainty about what the future might hold. And there's almost nothing the market likes less than uncertainty.

So what does it all mean to your wallet?

"There is an excellent chance that U.S. gasoline prices may rise to new 2014 highs in the next week or so," said Tom Kloza, chief oil analyst at OPIS and GasBuddy.com.

If oil prices keep heading higher, that could translate into a jump of more than 20 cents at the pump within the next couple weeks, said Schork. Currently, the national average of gasoline is $3.65 per gallon.

The current average across the state of Illinois is $3.99 per gallon, up two cents in the last week and 20 cents from one month ago.

If there's any good news, analysts don't think gas prices should reach historically high levels. One expert told CNN he thinks the national average won't hit the $4 per gallon mark. However, as we are well aware, prices in Rockford and the state of Illinois are generally among the highest in the county. So while others are lower, we certainly could cross the $4 barrier again soon.