The national average for gas prices is expected to reach and possibly top $3 per gallon by summer due in the part White House’s imposed sanctions on Iran and the switch over to summer blend, AAA recently predicted.
“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Jeanette Casselano, AAA spokesperson. “AAA predicts that the national average may reach $3 per gallon this summer, especially if crude oil prices continue to increase.”
Last week, President Donald Trump withdrew the United States from Iran deal negotiated by President Barack Obama which centered on lifting sanctions against Iran in exchange for the country giving up many of its nuclear aspirations and materials.
Iran has the fourth-largest crude oil reserves in the world and the expected jump in gas prices could affect car sales.
After Trump’s announcement, gas prices averaged $2.87, jumping six cents during the week.
Summer blend has a lower RVP or Reid vapor pressure, to prevent excessive evaporation in hot temperatures.