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).
North Korean leader Kim Jong Un vowed support for Russia’s “sacred fight” during a summit with President Vladimir Putin that the U.S. warned could lead to a deal to supply ammunition for Moscow’s war in Ukraine.
Child poverty in the United States more than doubled and median household income declined last year when coronavirus pandemic-era government benefits expired and inflation kept rising, according to figures released Tuesday by the U.S. Census Bureau.
Speaker Kevin McCarthy said Tuesday he is directing a House committee to open an impeachment inquiry into President Joe Biden over his family's business dealings, launching historic proceedings ahead of the 2024 election.
The Biden administration issued a waiver to allow banks to transfer $6 billion in frozen Iranian oil funds without facing U.S. sanctions, a key step in a prisoner swap deal.
Attorneys for former President Donald Trump requested that the judge presiding over the federal case involving attempts to overturn the 2020 election be reassigned.
