President's decision on Iran deal could impact gas prices - Western Mass News - WGGB/WSHM

President's decision on Iran deal could impact gas prices

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(Western Mass News photo) (Western Mass News photo)

If you've filled up your gas tank lately, you may have already started to feel the pain at the pump.  

Now, after the Trump administration has decided to break the Iran nuclear agreement, everyone can expect to feel the impact in the form of higher gas prices. 

With the nice weather like we had today, many people have their sights set on a beach trip in their future. 

However, with gas prices likely to go up past $3/gallon this summer, that might be on hold.

Gas prices have been creeping up for weeks in anticipation of the Trump administration's announcement regarding Iran. 

Now that President Trump has announced the agreement made by the Obama administration will be broken, the cost of filling up is expected to go up even more.

"I'm not happy even just coming out here, had to fill up my tank.  I'm picking up my son to go home and it cost a fortune now," said Claudia Mintz.

Now sitting at $2.83 per gallon in some places, gas prices are already starting to sting family budgets.

"Household can expect about $200 more to spend on gasoline of the course in the summer as you see the price is going up," said Karl Petrick, associated professor of economics at Western New England University

Those prices effect so much more.  Things like groceries will be more expensive too.

This summer, Petrick told Western Mass News that travel and tourism could take a hit. 

Mintz agrees.

"Where people don't travel as much and I think the same thing is going to be this summer.  I know we won't," Mintz added.

Predicting what's going to happen is hard with more instability in the Middle East.

"Iran is the fifth biggest oil exporter in the world and it's a big deal if they can't get their gas to the market," Petrick added.

With all the questions still remaining with just how high prices are going to get this summer, it's safe to say if you can carpool, you might be better off. 

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

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