Gas prices could climb in response to Iran Nuclear Deal exit

Gas prices could climb in response to Iran Nuclear Deal exit
(Source: WTOL)

TOLEDO, OH (WTOL) - President Donald Trump announced Tuesday that the U.S. would be exiting the Iran Nuclear Deal. As the world's fifth largest oil producer, experts predict gas prices could climb.

Drivers seem to be preparing for the worst following the news.

"If they hit about $4 or $5 a gallon again, it's gonna be terrible for everybody," said Kim Belcher of Walbridge.

She keeps a close eye on prices at the pump as she spends a lot of time in her car.

"I'm a delivery driver for a pizza place and my money is based on my deliveries and if I keep having to put it in my gas tank, I'm gonna be in big trouble," said Walbridge.

The same goes for Kamesha Welch, who also drives a lot for her job in home health care.

"We have to use our gas a lot to get there, and like I said, a lot of companies are not paying for that mileage reimbursement," said Welch.

Gas Buddy says we may see prices briefly reach $3 a gallon, but it's hard to predict the lasting ramifications of leaving the deal. Meanwhile, the Oil Price Information Service predicts the typical family will spend about $200 more this summer driving season.

Some drivers are taking it in stride.

"It is what it is. It's out of my power so, just gotta accept it," said Toledo driver Cody Adkins.

Not only do families need to adjust, city governments, with a large fleet of vehicles to fill up, need to as well.

The city of Toledo says it spent about $2.4 million on gas and associated costs last year. This year, it's budgeted $2.75 million.

The good new is, the Oil Price Information Service says prices aren't expected to jump to what we saw from 2011 to 2014 when it was $3.40 to $3.60 a gallon.

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