Obama tightens sanctions on Iran oil

President Barack Obama gave the go-ahead Friday for the tightest sanctions yet against Iran's oil industry, a move that risks pushing fuel prices even higher ahead of the November elections and raising tensions even further with Tehran.
The US will take punitive measures against any country that fails to reduce oil imports from Iran. These countries include China.
The sanctions were passed by Congress in December, but the lawmakers left Obama to make the final judgement about the impact a reduction in Iranian oil would have on the US and the world economy. The deadline was Friday.
In a statement from the White House, Obama said he decided that though oil supplies are tight, there are enough non-Iranian supplies to allow countries to reduce imports from Iran.
In a briefing by the administration ahead of the announcement, an official said these amounted to the toughest sanctions yet against Iran.
It is an extremely dangerous move by the White House, one acknowledged by vice-president Joe Biden who, speaking at an election fundraiser in Chicago on Thursday night, said that Obama's re-election chances could be scuppered by events in the Gulf.
I do not think Republicans will criticize the move against Iran.  They are more likely to criticize his continued refusal to open up our own land for oil development.  That would go a long way toward reassuring oil markets that there will be a growing supply.


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