The national average price per gallon of gasoline is $3.42
FOX Business spoke with Patrick De Haan, Head of Petroleum Analysis for GasBuddy. He said that it was the only “magic wand” Biden could use to lower long-term oil price volatility.
According to GasBuddy, the current national average price per gallon of gasoline is $3.42. This represents a 12.3 cent increase from a month ago, and 97.5 cents higher than a previous year. The average price for AAA is $3.46.
Trump pulled the U.S. out of Iran’s 2015 nuclear agreement. This accord granted Iran sanctions relief in return for curbs to its nuclear program. Trump instead imposed severe sanctions against Iran, including its oil sector.
According to De Haan, a new agreement with Iran could allow “more than a million barrels per hour and possibly several million floating at sea” to reach the global market.
He said that if this happens, it could help to keep oil prices under control.
West Texas Intermediate crude oil traded at $89.79 per barrel on Wednesday morning.
De Haan said, “Everyone else has tapped out,” noting that “OPEC cannot meet their quotas” and “the US oil production is slowing to return.”
Tuesday saw the return of the Iran Negotiators and the remaining Parties to the Agreement – Britain France Germany Russia China – to seek a new agreement to revive the accord. Iran insists that the United States (and its allies) will allow Iran to export its crude oil.
Although the U.S. participated in indirect talks, Biden indicated that he would like to be part of the agreement.
Officials claim that the talks have reached their final stage. However, it is not clear how long this might take. Already, the negotiations have been going on for several months.