Gas prices could rise to over $3 very soon - Western Mass News - WGGB/WSHM

Gas prices could rise to over $3 very soon

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Drivers in western Massachusetts have likely noticed a spike in prices at the pump, but they could be in for another bump as President Trump is set to announce his decision on the Iran nuclear deal on Tuesday. 
Experts said if the President withdraws from the deal, the price of a gallon could rise well over $3. 
Drivers in Springfield are paying almost 50 cents more for a gallon of gas then they did this time last year. 
Drivers like Felix have watched prices climb in the last three weeks. 
"I seen the price $3 and something and I said, wow I am so amazed wow," he said. 
It's typical for prices to spike as refineries switch from winter to a summer blend of gasoline. 

On Monday, oil prices reached above $70 a barrel for the first time since November of 2014.

This comes ahead as the Trump Administration leans toward reimposing sanctions on Iran; a major crude oil producer. 

Petroleum analysts at Gas Buddy said that move could mean pain at that pump to the tune an increase of 30 cents a gallon. 

 American International Professor John Rogers told Western Mass News that a variety of factors have created tightening of oil supplies while demand is up ahead of the summer driving season. 
"Unless there is a major catastrophe in the middle east, the prices are on a downward pressure because we have so much progress in renewable energy," Rogers noted.
The increase in prices have some drivers signing up for reward programs at various gas stations, and others said they're contemplating other forms of transportation. 

Copyright 2018 Western Mass News (Meredith Corporation). All rights reserved. 

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