David Elkins: New Iran Sanctions Could Push Petrol Prices Even Higher

by David Elkins, Antiwar.com, 27 May 2011

U.S. lawmakers have introduced a new package of unilateral sanctions targeting Iran that would challenge U.S. President Obama’s discretionary authority to enforce such sanctions and would impose comprehensive restrictions on foreign entities that ship, refine or provide any other related services to Iran’s energy sector.

Both versions of the bills in the U.S. Senate and House of Representatives, which have bipartisan support, would effectively translate into a de-facto international embargo on all of Iran’s oil, petroleum and natural gas exports, according to analysts here.

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