The (misguided) Iraq war has caused skyrocketing oil prices, in turn causing commodity inflation.
Gas prices increase when measured in dollars. If you measure in euros, pounds, swiss francs, yen, etc… they haven’t increased substantially since the start of the war. The war has had very little effect on oil production. Iraq was limited in how much it could sell before the war by sanctions and now they are limited by damaged infrastructure, terrorism, etc…
Our gas prices here in the US are a reflection of the diminished purchasing power of our dollars. Because everyone buys oil, we compete with the rest of the world and when our currency sinks, oil becomes more pricey.
