According to the Oil Price Information Service, the typical family will spend about $200 more this summer driving season than last year. If that wasn’t already a problem, that stat is based off gas prices before President Trump’s decision to pull out of the Iran nuclear deal.
Gasbuddy.com officials say in the short term, we will see a price per gallon increase based off President Trump’s decision, but not a significant jump, likely about 10 to 15 cents. Officials also say there is not enough information right now to predict how this decision will affect us in the long term, and there are a couple reasons for that.
Saudi Arabian officials have claimed they will help stabilize the global oil market, and America may be the only nation removing itself from the Iran deal. If the other 5 world powers that are part of the Iran deal stay involved it could means Iran’s crude oil could essentially still be flowing globally.
“If Iran’s crude oil is sanctioned and it’s impossible for Iran to ship crude oil, then gas prices could go up,” says Gasbuddy.com spokesman Patrick DeHaan. “But if our partners don’t go through all of that then gas prices have less of a risk of rising as a result.”
Gas prices across Michigan have risen since President Trump’s decision. Reports of $3 per-gallon prices are now being reported and many places in mid-Michigan are now averaging $2.99.
Last year on May 9th the average gas price in Lansing was $2.24, today it is at $2.92, almost $.60 cents more expensive.