End of Iran waivers could cause gas prices to go higher, analyst says

Pittsburgh gas prices have fallen 1.2 cents per gallon in the past week to $3.04 per gallon, according to GasBuddy.

Gas prices in Pittsburgh are 27.7 cents per gallon higher than a month ago, and are 8.5 cents per gallon higher than a year ago.

According to GasBuddy, Pittsburgh prices range from a low of $2.73 up to $3.13, a difference of 40 cents per gallon. Statewide, the range is from $2.74 per gallon up to $3.75 per gallon, a difference of $1.21.

The national average price of gasoline is unchanged in the last week, averaging $2.84. The national average is up 22.3 cents per gallon from a month ago, and is 8.7 cents per gallon higher than a year ago.

National prices range from $2.10 per gallon up to $5.19, a difference of $3.09.

“The seemingly never-ending streak of rising gasoline prices has largely continued unabated across the country over the last week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Gas prices continue to drift higher, although the pace has slowed somewhat in the last week, but that may end soon as rumors point to an end to U.S. issued waivers that allowed countries to continue buying oil from Iran that may be announced as soon as tomorrow.

“Such a loss of oil in the current environment of OPEC cuts and rising demand would only serve to cause gas prices to continue advancing, something that has repeatedly drawn the scorn of President Trump, but with such a policy change and waivers perhaps ending, it could directly cause another round of gas price increases just as the national average reaches its highest level in months and points to a more painful summer at the pump,” DeHaan said. “With such a policy move, if OPEC fails to increase output to offset the likely drop from an end to Iran waivers, expect oil prices to continue to surge.

“This will cost Americans billions if the administration enforces the end to waivers.”