Former BP CEO Lord John Browne says the recent increase in oil prices on the back of the escalation of violence in Iraq may be overblown. Browne says other regions, especially the U.S., have increased production which could cover any shortfall in supplies that could arise from the conflict. But, Browne says that ultimately neither Iran or the U.S. want to see instability in Iraq. Additionally, Browne says U.S. oil technology has come a long way in the past five years. Browne says one of those technologies, fracking, should continue in the U.S. as a viable unconventional energy source, provided that it can be carried out safely and without polluting the environment. Browne says Europe should follow the U.S.' lead in finding unconventional sources of energy. Browne is the author of 'The Glass Closet: Why Coming Out Is Good Business.'