business news in context, analysis with attitude

USAToday reports that “the national average price of regular unleaded gasoline touched $2.84 a gallon Thursday, up 18 cents the past month and 50 cents the past year. Gas has spiked in recent weeks due mainly to increasing oil prices as the Organization of the Petroleum Exporting Countries (OPEC) maintains strict production limits despite global economic growth.”

At the same time, the story says, “President Trump’s decision this week to withdraw from the Iran nuclear deal and reinstate sanctions against that oil-rich country could constrain global supplies, further pushing up crude and gasoline prices.”
KC's View:
If gas prices go up, I suspect that this will mean a resurgence in retailer programs that offer gas discounts to consumers based on their purchases. Such initiatives have been very successful in the past, and gas prices that go beyond $3 a gallon almost certainly will get them going again.