Gas Prices Expected To Drop By Memorial Day
CHICAGO (CBS) – Gas price experts report prices at the pump may go down by Memorial Day, following President Donald Trump's announcement of the U.S. withdrawing from the Iran Nuclear Agreement.
"We will be instituting the highest level of economic sanctions," declared President Trump.
The sanctions against Iran will make it harder for that country to sell oil on the world market. Iran pumps three and a half million barrels a day, but according to industry expert Pat DeHaan, the loss won' thave an impact on the American market.
"Perhaps motorists have dodged a bullet that President Trump came out with a strong position, but it was expected," said DeHaan.
He says it was expected because Trump had indicated weeks ago he didn't like the Iranian Nuclear Deal. DeHaan says Iran's response was week.
"They're kind of in a defensive mode," said DeHaan, "So it looks as though things won't be hot in terms of oil prices rising."
DeHaan predicts gas prices will decline as Memorial Day approaches.
It is unknown just how much prices will drop in the coming weeks.