What the Iran Deal Means for Prices at the Pump
Not much—at least not much yet.
The deal struck over the weekend between Iran and the United States and five other major countries keeps in place the oil sanctions the U.S. and European Union have imposed on Iran. The deal initially pushed global oil prices lower, but the long-term impact on the global market remains unclear. If/when the oil sanctions are lifted, that's when prices could really go down.
Meanwhile, the average price for a gallon of gasoline, $3.28, is actually ticking upward after steadily declining over the last few months. You should not draw a direct connection between these fluctuations and the Iran deal. This is a reminder that many disparate factors influence global oil prices and their trickle-down effect on prices at the pump.
In the meantime, let's be thankful for low gas prices during this Thanksgiving week.
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By Alex Brown (@AlexBrownNJ)
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