Will Sanctions Against Iran Raise Gas Prices?

This theoretical scenario is extremely unlikely, however. The Senate bill permits the president to delay the sanctions if there isn?t adequate supply on the market. In addition, the bill would make it harder for foreign banks to deal with the Iranian central bank, which acts as a middle man in oil transactions. But it wouldn?t make buying Iranian crude impossible, and sanctioned countries have historically found ways to sell their oil. (Consider, for example, the oil for food program that undermined sanctions against Iraq. The Senate sanctions against Iran also have a humanitarian exemption.) There hasn?t been a truly effective, worldwide boycott of a country?s oil exports since 1951-53, when Iran nationalized its oil industry. As long as Iranian oil continues to flow to Asia and parts of Europe, the sanctions would have a relatively small impact on prices.

Source: http://feeds.slate.com/click.phdo?i=0562333c980926bde42bfc00e7308963

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