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Gas Prices Rise Ahead Of President Trump's Iran Decision

12 May 2018

As tensions ramp up between the U.S and Iran, so will gas prices at the pump. The national average has increased 14.5 cents during the last month and stands 46.5 cents per gallon higher than this day one year ago.

Gas prices are expected to continue rising. We're seeing a lot more people driving as we head into the summer season.

At $2.89 a gallon the Marathon in Hamburg has some of the highest gas prices in town.

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Pulling the US 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.

"It just really depends on what the crude oil prices do", said Angela Hoskins, with AAA."Currently they're at $68 to $70 per barrel. 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.

Trump announced on Twitter Monday that he would making his decision on the U.S.' stance on the Iran nuclear deal 2 p.m. today at the White House.

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The price for Bent crude oil is at the highest level since 2014, following concerns President Trump may back out of the nuclear deal with Iran. Tensions in the Middle East is always a reason why gas prices increase, and with the US backing out of the deal, that's very much a possibility.

If you're headed to the pump Wednesday, prepare to see higher gas prices.

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