THANKS, OBAMA: Iran Nuclear Deal Could Push Gas Prices Under $2 Per Gallon (VIDEO)

Normally, it would be asinine to praise (or deride) a President for gas prices (Yes, even George W. Bush). In this case, however, such praise is warranted. After a grueling 20 months of negotiations and Republican attempts at sabotage, the United States and five other nations have managed to finalize a nuclear deal with Iran — one that will likely have a very positive impact on gas prices. The deal will roll back Iran’s nuclear program in exchange for the lifting of economic and other sanctions — including those that prevented the nation from being competitive in the global energy market.

“Today after two years of negotiation the United States together with the international community has achieved something that decades of animosity has not: a comprehensive long-term deal with Iran that will prevent it from obtaining a nuclear weapon,” Obama said on Tuesday after the deal had been reached, assuring Americans that Iran’s compliance will be closely monitored. “This deal is not built on trust. It’s built on verification.”

According to CNN:

The deal reduces the number of Iranian centrifuges by two-thirds. It places bans on enrichment at key facilities, and limits uranium research and development to the Natanz facility.

The deal caps uranium enrichment at 3.67 percent and limits the stockpile to 300 kg, all for 15 years.

Iran will be required to ship spent fuel out of the country forever, as well as allow inspectors from the IAEA inspectors certain access in perpetuity. Heightened inspections, including tracking uranium mining and monitoring the production and storage of centrifuges, will last for up to 20 years.

The U.S. estimates that the new measures take Iran from being able to assemble its first bomb within 2-3 months, to at least one year from now.

Israeli Prime Minister Benjamin Netanyahu, whom Republicans helped with his re-election campaign by allowing him to scaremonger about Iran — a favorite hobby of his — in front of Congress, called the deal a “historic mistake.”

“From the initial reports we can already conclude that this agreement is a historic mistake for the world,” Netanyahu said onTuesday. “Far-reaching concessions have been made in all areas that were supposed to prevent Iran from obtaining nuclear weapons capability.”

Prices began to fall in June as the deal became more of a “sure thing,” hitting $54 a barrel just before the deal — and Americans’ dream of paying $2 or less for a gallon of gas is just around the corner, thanks to President Obama’s dedication to ensuring that we can curtail Iran’s nuclear aspirations without firing a single shot.

While the details of how the sanctions will be lifted are unknown at the moment, and Obama is sure to face fierce opposition from a GOP-controlled Congress, the President has vowed to veto any efforts on the part of republicans to keep sanctions in place. FOX8 notes that “even if U.S. sanctions do stay in place for a while, the flow of Iranian oil to Europe will push down prices in global oil markets.”

The International Energy Agency estimates that Iran could add 800,000 barrels a day to the global market within months of the lifting of sanctions, though consulting firm FACTS Global Energy reports that there will be some immediate relief in gas prices thanks to the 30 million barrels of Iranian crude in storage and ready for sale.

According to Tom Kloza, chief oil analyst with the Oil Price Information Service:

“Once we get past Labor Day, we should see gas falling by 10 to 15 cents a month. By December a lot of places are going to see gasoline at $2 or less.”

That’s right — by the end of this year, Americans could be paying less than $2 a gallon to fill up their tanks.

“Iran, which holds the world’s fourth-largest proved oil reserves, has seen its oil exports nearly halve from peak levels since Western sanctions were imposed,”explains The Wall Street Journal. “Ramping up oil exports will likely add to current oversupply in the global market and pressure oil prices further.” In a report written just before the deal was struck, the International Energy Agency explained that “the bottom of the market” may still be in the near future, as Iran “has made clear its intention to lift exports as soon as the ink dries on an accord.”

Normally, a President can not be blamed or praised for high or low gas prices. In 2012, Business Insider noted:

The general rule, according to the EIA, is that about two-thirds of your cost of gas at the pump is determined by crude oil cost.

The rest is a combination of taxes, refining, distribution and marketing.

However, Republicans have repeatedly reminded us that Obama is on his own with this deal — which means that he absolutely deserves some praise for the positive outcomes, including lower gas prices.

Watch a report on the effect the deal will have on gas prices, below: