Iraq crisis could jack up gas prices

(CNN) – With oil prices spiking to $107 a barrel, a level not seen since last September, get ready for gas prices to head higher.

The price of oil is a big component, 67%, of what makes up the price at the pump.

So how much more could you be paying?

One analyst laid out his worst case scenario to CNN: Oil could go to $116 a barrel and average gas prices could go up another $0.20 to $0.25 a gallon, pushing the price of gas above $4 in big cities, if violence in Iraq escalates.

Investors are spooked because Iraq has become a big player in oil exports. Producing more than 3 million barrels a day, it's the second biggest OPEC producer after Saudi Arabia.

But Iraq isn't the only reason consumers will be paying more at the pump, it's also the beginning of the summer driving season, when demand for gas is higher.

Put those together and some say it's a perfect storm for higher prices.