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Within 1950 - 2004 the earth recorded a considerable increase in its average ambient temperature. This was however due to increase in anthropogenic carbon dioxide emissions resulting from high consumption of fossil fuels. Flaring been a source of anthropogenic carbon dioxide, is a concern to skeptics and local oil producing communities as a significant contributor to global warming, environmental degradation, health risk and economic loss. The purpose of the study was to ascertain the impacts of gas flaring on global warming and the local oil producing communities. The study adopted the quantitative and qualitative methods of analysis. The quantitative method involved using results complied by researchers of the Carbon Dioxide Information and Analysis Center showing the total anthropogenic carbon dioxide emissions (1950 -2004) from various sources to determine the impact carbon dioxide from flaring has had on global warming. The determination was done using a computer software (excel). The qualitative method on the other hand involved the use of case study literatures to examine and review the impacts gas flaring has on the local oil producing communities. The quantitative method of analysis showed that carbon dioxide from gas flaring constitute 1% of the total anthropogenic carbon dioxide which was considered insignificant, whilst the case study review of the qualitative method showed that gas flaring cause environmental degradation, health risks and constitute financial loss to the local oil producing communities. The research went ahead to refute the argument that gas flaring causes global warming, however acknowledging that it causes environmental degradation, health risks and economic loss to the local oil producing communities.