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Iran Deal Should Lower Gas Prices Analyst Says

Prices are up from November lows headed into Thanksgiving, but likely
ROCKFORD -- Gas prices have risen nearly 7 cents per gallon in the Stateline area over the past week according to the Chicago-based website GasBuddy.com.  They say the average price of gas is now $3.30/gal. compared to $3.26/gal. nationwide.

That's still about 25 cents per gallon lower than they were over the Thanksgiving holiday last year, although they are up from lows we say earlier in November, where a handful of gas stations dropped below the $3 mark.

GasBuddy Senior Petroleum Analyst Patrick DeHaan sees more downward pressure on prices coming with the just announced diplomatic deal with Iran temporarily relaxing economic sanctions on that nation.  "It will be an interesting week ahead as some notable progress emerged after developed countries came to a partial solution on Iran's nuclear ambitions. Just that action alone may result in significant downward pressure on oil prices as tough sanctions may soon be eased, allowing Iran's oil to flood an already well-supplied marketplace," DeHaan said in a news release.
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