What Trump's Decision on the Iran Nuclear Deal Means for Your Wallet
*By Mike Teich*
President Trump pulled the United States out of the Iran nuclear deal Tuesday, abandoning the Obama administration's signature foreign policy accomplishment almost three years after it was agreed.
The oil market had already accounted for the likelihood Trump would abandon the deal, but volatility in oil prices could be affected by the tone of the president's statement, and the degree of the sanctions he imposes, said Patrick DeHaan, the head of petroleum analysis at GasBuddy.
"The more fiery the response from President Trump, the more oil prices could eventually rally," said DeHaan in an interview Tuesday with Cheddar.
A spike in oil prices might cause discretionary spending to drop, he said, adding that every penny the average price of oil rises, it takes $4 million a day away from the economy. While the initial increase in prices may make summer road trips a little more expensive for travelers, DeHaan doesn't anticipate a major impact on consumer spending until we hit a a more "psychological barrier" of $3 a gallon.
For the full interview, [click here](https://cheddar.com/videos/how-trumps-decision-to-withdraw-from-iran-nuclear-deal-affects-your-wallet).
Democratic Kentucky Gov. Andy Beshear and Republican Mississippi Gov. Tate Reeves won reelection on Tuesday, while Ohio voters approved a constitutional amendment guaranteeing the right to an abortion and other forms of reproductive health care. In Virginia, Democrats swept legislative elections in a blow to GOP Gov. Glenn Youngkin.
A Jewish man in California has died after a confrontation during dueling protests over the Israel-Hamas war, and police said Tuesday they had identified a suspect who called 911 after the altercation.
The Supreme Court is hearing arguments in a case revolving around Second Amendment rights. The Biden administration is appealing a ruling that struck down a federal law that bans a person subject to a domestic violence protective order from possessing a firearm.
The Air Force is asking Congress to restrict further construction of the towering wind turbines that have edged closer to its nuclear missile sites in Montana, Wyoming, North Dakota, Nebraska and Colorado.
Voters around the U.S. are heading to the polls Tuesday and some races could have major implications for how things turn out in the presidential election next year.
