Iran sanctions could push gas prices higher
- Author: Sonia Alvarado May 11, 2018,
May 11, 2018, 0:47
Metro Albany drivers got a slightly higher break than the state average over the week, seeing a drop in the average of 2.7 cents a gallon, according to AAA.
Monday's average prices for South Central Ohio was $2.645.
AAA found self-serve, regular selling for as low as $2.75 and as high as $2.99 per gallon. The Massachusetts price is five cents below the national average for regular unleaded of $2.81. Following concerns President Trump could impose new sanctions on Iran later today, prices could go up even more.
High U.S. gasoline prices through the summer driving season may be a element that prevents the WhiteHouse from instantly re-imposing sanctions on petroleum, analysts claimed. "Also over the last couple of weeks we've seen a dip in gasoline supply, so all those things, supply and demand are playing into the market right now", he said.
Statewide the average price is $2.81, which is up 2 cents from last week. If the White House follows through canceling the deal and imposing new sanctions, it could remove as many as a million barrels a day from the global market.
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Gas prices in Rockford haven't been this high in May since 2015, when gas was $2.63 a gallon.
Gas prices across MI have risen since President Trump's decision.
Industry experts say oil production is booming here in the U.S., which should help keep the price of crude oil down.
At $2.81, the national gas price average is 45 cents more expensive than a year ago.
Of the nine states over $3 a gallon, only Pennsylvania is located on the East Coast, but the District of Columbia, New Jersey, Connecticut and NY are close behind.
From 2017 to 2018, some US states have witnessed an increase of almost 70 cents at gas stations.