Gas price hikes easing? Not if Trump exits Iran deal, analysts say

Update: President Trump tweeted Monday, “I will be announcing my decision on the Iran Deal tomorrow from the White House at 2:00 p.m.”

Original post: Retail gas prices sit in a restless and jittery lull as analysts say higher costs at the pump likely await if President Donald Trump pulls out of the Iran nuclear deal by May 12.

Already oil prices have reached a 2018 high, and Friday contracts marked the priciest since November 2014. Generally that means higher costs at the gas station are in the pipeline.

Retail  prices have held steady for a week but “all bets are off right now, pending the President’s decision” on the Iranian nuclear deal, said Mark  Jenkins,  spokesman for motorist organization AAA/The Auto Club Group.

Palm Beach County’s average price fell a penny to $2.85 per gallon as it remained the state’s costliest market, according to AAA. Florida’s average fell one cent to $2.73 on Sunday, but that’s up 35 cents compared to this time last year.

Pulling the U.S. out of the Iran nuclear deal by a May 12 renewal deadline could mean reimposed sanctions against Iran and effectively take 1 million barrels of Iranian oil per day off the world market, resulting in reduced global oil supply and higher fuel prices, AAA said.

In Jupiter, often the priciest town in the priciest market in Florida for gasoline, costs at the pump ranged from $2.67 at a Mobil on Indiantown Rd. and Alt. A1A to $2.99 at Mobil and Shell stations elsewhere on Indiantown Road, according to price-tracker GasBuddy on Sunday.

In West Palm Beach, the low-priced leader was Cumberland Farms, $2.62 on Cresthaven Blvd. near Military Trail, according to GasBuddy.

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