Gas Prices Jump As U.S. Exits Iran Deal
By GasBuddy | May 14, 2018
After pausing for a week, the national average has resumed its climb, rising 6 cents per gallon in the last week to $2.87, according to GasBuddy’s latest weekly survey of 135,000 gas stations. Average gasoline prices rose in all 50 states last week after oil prices reached $71 per barrel, the highest since 2014, following news of President Trump’s Iran withdrawal. Oil prices then cooled off slightly to end last week.
“Gas prices saw one of the largest weekly increases since Hurricane Harvey in the last week as oil prices continued to surge, leading to sharply higher prices at the pump, putting the U.S. in peril of striking the $3/gallon level for the first time since 2014,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“Some of the factors at play in the rising prices: President Trump’s withdraws the U.S. from the nuclear deal with Iran and oil supplies that have continued to drop as U.S. exports surpass Venezuela—a surprising feat given Venezuela has the largest proven oil reserves in the world. In addition, as money continues to flow into commodities as bets for higher oil prices rise, there’s a strong chance of seeing crude oil prices continue to rally in the weeks ahead, with the odds of hitting $3/gallon nationally now better than 65% just in time for the summer driving season.”
Looking state-by-state, the largest weekly changes in average gas prices were seen in: Ohio (+15c), Nevada (+12c), Delaware (+11c), Michigan (+10c), Florida (+10c), Wyoming (+10c), Minnesota (+9c), Kentucky (+9c), Missouri (+9c) and West Virginia (+9c).
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