Gas Prices Go Up Following Trump Decision On Nuclear Deal

Gas Prices Go Up Following Trump Decision On Nuclear Deal

Gas Prices Go Up Following Trump Decision On Nuclear Deal

The average price per gallon for South Central Ohio a year ago was $2.198.

"On the week, the national average held steady and 19 state averages remained flat or saw decreases in gas prices".

In Greater Springfield, a gallon of regular averaged $2.81 Monday.

H-E-B at 1101 W. Stan Schlueter Loop and 2511 Trimmier Road had the cheapest gallon of gas, priced at $2.43 a gallon, according to GasBuddy.com Saturday afternoon.

Meanwhile, the average gas price in the nation is at $2.80.

President donaldtrump is expected to announce on Tuesday that the USA will withdraw from the deal manufactured in between Iran and six states that was meant to terminate the Iranian nuclear system. The typical family will spend about $200 more this summer driving season, according to the Oil Price Information Service.

Prices could continue to climb after President Donald Trump decided this week to sanction Iran, the world's fifth largest oil producer.

Crude oil closed down following the announcement Tuesday that the United States was leaving the Iran nuclear deal, but prices jumped about 2.5% in electronic trading Wednesday to more than $71 a barrel for West Texas Intermediate (WTI) crude.

The states with gas prices over $3 are topped by California at $3.64. Memorial Day is typically the onset of summer driving period, and also demand often peaks throughout the July 4th weekend. The average for Pennsylvania is $3.02. EIA's weekly petroleum status report noted that USA crude production hit another record high at 10.62 million barrels-per-day.

Last week, analysts from AAA said they didn't expect the national average price for regular unleaded gasoline to hit $3 a gallon once again.

However, most motorists might not see any immediate impacts at the gas station.

The national average has increased almost 14.5 cents per gallon in the last month and stands 46.5 cents per gallon higher than a year ago.

In addition to the tax cuts, higher gas prices could water down the economic gain from the bipartisan agreement in Congress to ramp up spending.

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