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

11 May, 2018, 00:48 | Author: Roderick Gutierrez
  • Gas price average up 39 cents from one year ago in Texas

That's 46 cents more per gallon than a year ago, and 20 cents per gallon more than just one month ago.

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".

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 Saturday afternoon. Now at $2.81, today's national average is the highest since 2014.

Trump's decision to exit the Iran nuclear agreement and re-impose sanctions on the OPEC nation could lift prices even higher. Crude oil prices will see the immediate impact after this sanctions announcement.

Oil prices rose above $70 a barrel in Monday trading for the first time in three years. While Idaho's prices didn't change over the week, national average prices dropped.9 cents per gallon.

Crude oil exports were at 2.148 million barrels per day last week.

Memorial Day is historically a period when prices climb as refiners and gas stations prepare for the summer driving season.

Shelby County has the lowest gas prices at $2.56.

Industry experts say oil production is booming here in the United States, which should help keep the price of crude oil down.

$2.25 per gallon in 2017; $2.07 per gallon in 2016; $2.50 per gallon in 2015; $3.52 per gallon in 2014; and $3.66 per gallon in 2013.

As of May 8, 2018, national average sits at $2.81 a gallon, which is almost 50 cents more than this time a year ago.

The Dearborn-based auto club said early Monday that the average price for self-serve regular unleaded gasoline was about $2.85 per gallon, roughly the same as last week's average. Consumers in nine states are already grappling with pump prices that have hit the $3/gallon mark. On June 1, retailers must make the switch to selling the summer-blend gasoline.


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