Trump scrapping Iran deal will cause gas, oil price spikes

12 Jan 2018   Iran, Prices

Gas prices might get to $3 per gallon and the current rally in oil prices will kick into overdrive if Trump denies a waiver on Iranian sanctions, experts said. U.S. President Donald Trump decides Friday whether or not to waive oil-related sanctions for Iran, according to the terms of the U.N.-backed agreement that extended relief to Iran in exchange for commitments to scale back its nuclear research program. Such a decision would jeopardize the nuclear arrangement, supported by the five permanent members of the U.N. Security Council, plus Germany. Under the multilateral nuclear deal, formally the Joint Comprehensive Plan of Action, the president decides whether to go against the […]

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