Yesterday (Monday), Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared on FOX Business' "Varney & Co."to talk about Iraqi terrorism's effect on gas prices.
Last Tuesday, militants of the Islamic State of Iraq and Greater Syria (ISIS) took the northern city of Mosul and then quickly gained ground to within 60 miles of Baghdad in a brutal advance.
Then on Sunday, the United States evacuated its Baghdad embassy due to threat of violence for the first time since 2003. According to The Washington Post, the move was an indication of the level of concern that the unrest could reach into the fortress-like Green Zone, where members of the Iraqi government also reside.
"I think the world is underestimating the impact here," Fitz-Gerald said of the ISIS' looming effect on gas prices.
Watch the video to see what location Fitz-Gerald is the most worried about - its capture would affect 75% of Iraq's oil production and result in "tremendous military and financial leverage"...
