As Trump withdraws from Iran deal, gas prices could rise

1 year 8 months 2 weeks ago Tuesday, May 08 2018 May 8, 2018 Tuesday, May 08, 2018 6:53:00 PM CDT May 08, 2018 in News
By: Jessica Porter, KOMU 8 Reporter
loading

COLUMBIA - President Trump announced Tuesday the U.S. will withdraw from the Iran nuclear deal. 

"We cannot prevent an Iranian nuclear bomb under the decaying and rotten structure under the current agreement," Trump said in an announcement at the White House. 

In the 2015 agreement, brokered by the Obama administration, Iran agreed to stop pursuing nuclear weapons and let the international community check in on its facilities. In exchange, the United States and other countries would stop sanctions on Iran. 

One University of Missouri professor said President Trump's decision will have major implications. Dr. Cooper Drury studies International Relations and Foreign Policy. He said the deal will affect international relationships with American allies.

"This deal took a lot of collaboration and a lot of work to get everyone on board, so by the Trump administration pulling out unilaterally, it really is a slap in the face of our allies," Drury said. 

"It's going to make it very difficult for us to continue to make deals, negotiate with them moving forward and that is going to be across the board," he said. "So that's going to be trade deals or security or anything like that."

Economics professor Dr. J. Isaac Miller said the move will also trickle down to Missourians through rising gas prices and fluctuations in the stock market. 

"The trading volume has been very, very, high today at this news and I think markets are interpreting it in different ways, so it's not really clear on how the market is going to interpret it in the end," Miller said.

Miller said the markets have been anticipating an increase in gas prices for about a week now. He said part of the upward trend is normal, since it's almost summer. Miller added Tuesday's announcement doesn't help.

"If sanctions do go into place, and that is a big if, we don't know. If sanctions do go back into place, it's going to remove a large part of oil from the market which is going to drive prices up." 

President Trump said he would be imposing "highest-level" of sanctions on Iran, which would affect Iran directly and how it does business with other countries. 

"The fact is this is a terrible one-sided deal that should have never ever been made," Trump said. "It didn't bring calm, it didn't bring peace and it never will."

More News

Grid
List
COLUMBIA— Officers with the University of Missouri Police Department arrested John T. McLiney, 19, on one count of... More >>
1 hour ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 4:00:00 PM CST January 25, 2020 in News
COLUMBIA - The Choral Arts Alliance of Missouri is holding its 5th Annual Unity Concert. The goal of the event... More >>
1 hour ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:53:00 PM CST January 25, 2020 in News
FULTON - About 20 Fulton YMCA members kicked the cold Saturday by bundling up and running in the 4th annual... More >>
1 hour ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:48:00 PM CST January 25, 2020 in News
COLUMBIA- More than 100 people showed up for the 7th annual ROC 7K Trail run at Cosmo Park Saturday morning.... More >>
2 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:04:00 PM CST January 25, 2020 in News
COLUMBIA – Dozens of veterans showed up to All American Dental for free dental work Saturday. Leroy Strube, a... More >>
3 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 2:04:00 PM CST January 25, 2020 in News
COLUMBIA - The CoMo Short Showcase highlights local filmmakers and their original work in the community. The goal is... More >>
12 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 4:45:00 AM CST January 25, 2020 in News
COLUMBIA - A hearing has been set for Joseph Elledge on Feb. 3 at 3:00 p.m. at the Boone County... More >>
21 hours ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 8:02:00 PM CST January 24, 2020 in News
BOONVILLE – With the closing of Pinnacle Regional Hospital in Boonville, it will likely take longer for emergency officials to... More >>
21 hours ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 7:50:00 PM CST January 24, 2020 in News
BOONVILLE (AP) - Missouri is planning to cut more than 1,700 beds at prisons across the state. Department of... More >>
22 hours ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 6:47:00 PM CST January 24, 2020 in News
GUTHRIE TOWNSHIP - Deputies have one suspect in custody in a murder investigation. The Callaway County Sheriff's Office said there... More >>
23 hours ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 5:41:00 PM CST January 24, 2020 in News
COLUMBIA - Students avoided slick roads after the University of Missouri closed campus on Friday. The school alerted students... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 2:07:00 PM CST January 24, 2020 in News
COLUMBIA - After a heavy snow fall Thursday night, Susan Stephenson received notifications that Columbia Public Schools would not be... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 1:28:00 PM CST January 24, 2020 in News
COLUMBIA - The City of Columbia Public Works Street Division will start plowing and treating all city streets at 1... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 12:08:00 PM CST January 24, 2020 in News
COLUMBIA - Boone Electric Cooperative is reporting outages affecting nearly 5,000 customers Friday morning. The outages are reported across... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 10:22:00 AM CST January 24, 2020 in News
COLUMBIA - Officials with University of Missouri announced campus is closed Friday due to weather. The university earlier announced a... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 5:29:00 AM CST January 24, 2020 in News
BELLE - The Maries County Sheriff addressed concerned Belle residents Thursday after the town closed its police department earlier this... More >>
1 day ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 10:19:00 PM CST January 23, 2020 in News
MID-MISSOURI - A multi-day storm system continues in central Missouri, eventually coming to an end this evening with snow accumulation... More >>
1 day ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 7:07:00 PM CST January 23, 2020 in Weather
JEFFERSON CITY - After more than a year and a half of sitting empty, and with holes throughout, a Jefferson... More >>
1 day ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 6:16:00 PM CST January 23, 2020 in News
Columbia, MO
Broken Clouds 33°
5pm 34°
6pm 31°
7pm 29°
8pm 29°