Turmoil in Iraq and Prices at the Pump

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The jacket belonging to an Iraqi Army uniform lies on the ground in front of the remains of a burnt out Iraqi army vehicle some 10km of east of the northern city of Mosul, on June 11, 2014.

Doubts are growing about Iraq's long-term stability as militant insurgents seize control of cities north of Baghdad and attack the country's largest refinery. As Iraq is OPEC's second-biggest oil producer after Saudi Arabia, the violence is raising the specter of soaring oil prices. Iraq pumps around three million barrels a day and had been expected to provide the majority of growth for the cartel in the years ahead. This week on WNYC's Money Talking, Rana Foroohar of Time magazine and Bob Lenzner of Forbes discuss whether the fighting in Iraq is pushing up gas prices here in the U.S.