facebook
twitter
rss
account
search
search
 

Analysts warn of cost of Iranian sanctions

April 6, 2012 at 7:29 AM   |   Comments

WASHINGTON, April 6 (UPI) -- Sanctions on the Iranian energy sector are affecting gasoline prices and a sanctions opponent said it's unfair for U.S. leaders not to inform the public.

The United States and European Union have placed sanctions on the Iranian energy sector and its central bank to pressure Tehran to abandon its nuclear research program.

Lucian Pugliaresit, president of the Energy Policy Research Foundation, which has headquarters in Washington, told The Christian Science Monitor the sanctions mean about 300,000 barrels of Iranian oil exports are off the global market.

He estimates that shortage translated to a $10 increase in the price per barrel of crude oil, which means about a 25 cent increase in the price for a gallon of regular unleaded gasoline in the United States.

Gasoline prices in the United States moved close to a $4 per gallon average in recent weeks.

Bill Reinsch, president of sanctions opponent National Foreign Trade Council, told the Monitor it's unfair for political leaders not to relay that information the public.

"It's a legitimate argument to say the benefits of the aim of these sanctions, convincing Iran not to build nuclear weapons, outweigh the economic costs," he said. "What is not acceptable is to pretend there are no costs, or to ignore them."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Verizon will soon let you choose what TV channels you want to pay for Verizon will soon let you choose what TV channels you want to pay for
2
Etsy bans sale of items with Redskins name, imagery Etsy bans sale of items with Redskins name, imagery
3
Meggitt receives $17.7 million Army order for target systems Meggitt receives $17.7 million Army order for target systems
4
Organic food brand at Kroger's to hit $1B in sales Organic food brand at Kroger's to hit $1B in sales
5
Lockheed Martin opens technology center
Trending News
Video
x
Feedback