Business Report - 7/15: What the Iran disarmament deal means for - Hawaii News Now - KGMB and KHNL

Business Report - 7/15: What the Iran disarmament deal means for U.S. gas

HONOLULU (HawaiiNewsNow) -

Hold onto your pants! Put down that lance!

It's time for Crisis at a Glance!!!

Oil Price Information Service says the Iran disarmament deal will mean cheaper gasoline. This is the company that does the gas prices for AAA. Its chief analyst says Iranian oil would flood the market and bring gas prices down 10 cents a month. Maybe more.

Iran hasn't sold oil to America since 1995. It hasn't been entirely off the market - Iranian oil has been sold to China, Turkey, and India. But oil prices are like water in a bathtub. The price level tends to be the same everywhere.

Whatever effect results from the end of Iran economic sanctions, they have already begun. That's because Saudi Arabia, anticipating that, has been pumping record amounts of oil. U.S. gas prices have been trending lower since June. Honolulu and Wailuku average regular are down two cents in the past month; Hilo, three cents.

And that's Crisis at a Glance!

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