When Secretary of State Mike Pompeo announced this week the end of waivers for U.S. sanctions on Iranian oil, he assured the world that oil prices and supplies will be kept in check. But on Tuesday, less than 24 hours after his announcement, oil prices spiked to a six-month high.
Taking Iran’s supplies out of the equation was bound to increase prices, despite what Pompeo and President Donald Trump have said, especially given that Venezuela’s oil supply is similarly sanctioned. This increase in oil prices will have an impact on economic growth in the United States, said Robert E. Scott, senior economist and director of trade and manufacturing policy research at the Economic Policy Institute.
View the complete April 25 article by D. Parvaz on the ThinkProgress website here.