Gas prices continue to rise after United States pulls out of Iran deal

Gas prices continue to rise after United States pulls out of Iran deal

AAA Oklahoma Spokesperson Leslie Gamble attributes the increase to supply and demand as well as the White House's decision to re-impose sanctions on Iran. The national average has increased 15.4 cents per gallon during the last month and stands 53.8 cents per gallon higher than this day one year ago. That means it is renewing sanctions, which include not buying Iranian oil.

Gasoline prices are hitting levels we haven't seen in a few years, and the peak of the season for gas prices is now just days away. "Plus, recent political events evolving Iran could affect the future supply, so that's driving the price up".

W.D. Williams with AAA Auto Club says there are several reasons for the increase of gas prices.

The state is seeing an average price of $2.60 per gallon.

Average retail gasoline prices in Oklahoma have risen 7.0 cents per gallon in the past week, averaging $2.58/g yesterday, according to GasBuddy's daily survey of 2,294 gas outlets in Oklahoma.

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- Road trips will cost more this year thanks to higher gas prices. Woodward now averages about $2.60 per gallon. In the summer of 2014, the average price rose above $3 a gallon, just before OPEC increased production in an unsuccessful effort to drive USA shale producers out of business.

Nationally, 36 states are seeing gas prices that are a nickel or more expensive than the previous week.

The highest average price for regular gas was $4.11, recorded in July 2008.

"U.S. supplies are down a little", Williams said.

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