President Donald Trump's goal of cutting Iran's oil exports to zero may spark another round of gasoline price increases, analysts say.
President Donald Trump's goal of bringing Iran to its knees threatens to exact a heavy toll on American drivers this summer, fuel analysts warn.
But the Trump administration's shock decision to end all sanctions waivers for Iran's oil buyers may cause another round of gas price increases, creating a"more painful summer at the pump," said Patrick DeHaan, head of petroleum analysis for GasBuddy.The Trump administration is relying on Saudi Arabia, the United Arab Emirates and other OPEC members to hike output and prevent a price spike.
"U.S. consumers could be staring down a $3 per gallon national average now, at least for a time as we get into the start of the summer driving season. That's going to hit consumer confidence," John Kilduff, partner at energy hedge fund Again Capital told CNBC's "Squawk Box" on Monday. "There's probably a half dozen states that the president needs to carry in the next election which are going to go above $3 a gallon in this driving season," he told CNBC's "Closing Bell" on Monday.
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