Cheaper Oil Is Squeezing Iran

Townhall.com Staff
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Posted: Nov 25, 2014 9:21 AM

The recent drop in oil prices is making American consumers happy as they enter the holiday season. As fuel prices go down, consumer confidence and spending go up, and the economy strengthens. The opposite is true in Iran, where both the state and private sector are heavily dependent on high oil prices. Indeed, while President Barack Obama resists calls to restore some sanctions on Iran, the low oil price operates as a sanction by default.