Trump pulls U.S. out of Iran nuclear deal, will gas prices rise? - News weather sports for Youngstown-Warren Ohio

Trump pulls U.S. out of Iran nuclear deal, will gas prices rise?

Posted: Updated:

Gas prices are on the rise, and it's not even summer yet. Reports out this week say Americans might have to pay more at the pump after President Trump's decision to pull the U-S out of the Iran nuclear deal.

Experts say it might not make a huge difference though.

International Business Professor at Westminster College, Dr. Bob Badowski tells WFMJ Weekend Today that Canada is actually our biggest oil supplier, and a minor price increase probably won't impact the economy too much.

"A couple of cents here and there I don't think people are going to change their minds. I think when it gets up to a couple of years ago it was up to $4, and that's when people really started cutting back. They started cutting back SUV production, things like that. Right now it's not that bad and the economy's going well and a lot of people have jobs so I don't think it's that big of a deal," says Dr. Badowski.

Badowski says supply and demand is a big driver in higher gas prices, especially this time of year when a lot more people are driving.

Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms