Economist-Nuclear Agreement is Lowering Gas Prices
by Sammy Edmonds
posted Dec 3 2013 3:05PM
A Purdue University agricultural economist says we have the U.S./Iran nuclear agreement to thank for lower gas prices. Professor Wally Tyner says crude oil prices had been inching upward prior to the deal, but after the deal, they fell slightly. He says oil inventory is also way above normal for this time of year. Tyner says extra supply is also causing a downward price trend. Tyner says the agreement prevented crude oil prices from rising higher than they might have otherwise.
He adds the agreement does not include a release on the sanction of oil exports. He says the expectation is that may happen down the road.