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Obama Moves Forward With Iran Sanctions Despite Oil Price Spike

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C.M. Matthews
Wall Street Journal
March 31, 2012

The White House decided to move forward with tough sanctions on Iran’s Central Bank Friday after determining that there is a sufficient supply of petroleum on the global market to absorb reductions in Iranian exports.

The announcement comes as global gasoline prices continue to climb and Americans begin to feel the pinch at the pump. The national average rose about half a cent to $3.93 per gallon on Friday, and many analysts expect prices to exceed $4 a gallon nationally in the coming weeks.

President Barack Obama issued a memo Friday saying that after “carefully considering” the global economic condition, increased oil production in some countries, the level of spare capacity and the existence of strategic reserves he had decided to move forward with the sanctions he signed into law in January.

The sanctions penalize foreign financial institutions that do business with Iran’s Bank Markazi, the country’s clearing house for oil transactions. The measures effectively force anyone that does business with the bank to choose between ending that business or being blocked from the U.S. economy.

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This article was posted: Saturday, March 31, 2012 at 3:32 am

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