WASHINGTON, D.C. (NEXSTAR) — The Trump Administration is cracking down on countries that import oil from Iran. Secretary of State Mike Pompeo announced Monday that starting May 2, the U.S. will no longer exempt any countries from sanctions for buying Iranian oil.
Jeanette Casselano, of AAA, says the price of gas is about to get even more expensive.
“We’ve already seen really expensive gas prices in the last few weeks,” said Casselano. “In the coming days, in the coming weeks. Now, how long that is going to last and how high they will go is going to be dependent on crude oil prices.”
Casselano says oil prices rose 3 percent on Monday morning — a direct response, she says, to the Trump Administration’s announcement that the U.S. plans to slap sanctions on any country that imports Iranian oil. She said:
“Crude oil prices are going to be impacted and rise, and when that happens you are going to pay more at the pump.”
Pompeo says the U.S. is working with the kingdom of Saudi Arabia and the United Arab Emirates to increase oil production and ease the pain, and says that sanctions will go into effect May 2.