Iranian Sanctions do More Harm than Good
The Iranian petroleum industry has been crippled by the economic sanctions we have imposed on Iran along with the European Union and other countries in July. Iran is exporting less than 1 million barrels per day and that’s a 20-year low. This knocks them from third place on the global exports list down towards India and Brazil at 23rd. It also makes for good press and sound bites by the President on September 11th. Unfortunately, his actions on this embargo are actually separating us from global trade with the very partners we need to pull our economy out of the doldrums. Furthermore, it is galvanizing the Iranian citizens’ resolve against us.