From Business Insider:
Trump's Iran nuclear deal withdrawal could also have major economic consequences for average Americans
Bob Bryan
May. 9, 2018, 9:22 AM 9,122
President Donald Trump Chip Somodevilla/Getty Images
President Donald Trump announced that the US will leave the Iran nuclear deal.
Trump's decision is projected to remove 250,000 to 500,000 barrels per day of Iranian oil from the market.
The decrease in oil supply will likely increase prices and eventually cause US gas prices to rise.
The bump in gas prices could eat into US households' discretionary income.
President Donald Trump's decision to pull the US out of the Iran nuclear deal is likely to have major economic consequences, even potentially scuttling the boost from the GOP tax law for Americans' wages.
By leaving the Iran deal, Trump would limit access to oil from the country and make a large piece of the global supply unavailable in the US. In turn, this would likely help drive gas prices higher. And as analysts have noted, gas prices don't need to climb much to eat up a large portion of the discretionary spending savings from the GOP tax law.
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In anticipation of Trump's longtime position of squelching the Iran nuclear deal, gas prices are climbing:
National average gas prices
Regular Premium
Yesterday Avg. $2.844 $3.364
Week Ago Avg. $2.817 $3.341
Month Ago Avg. $2.660 $3.192
Year Ago Avg. $2.338 $2.866
AAA Gas Prices
https://gasprices.aaa.com/Truly, a brilliant strategic move by our Negotiator in Chief who has done so well in steaks, ties, real estate university, and airlines.
But then perhaps the 500,000 barrels can be made up by Trump's friend, Vlad: Make Russia Great Again. Make sure your MRGA hat is red.