Voters in some U.S. swing states are feeling the pinch of rising gasoline prices more than those in states that tend to vote Democrat, posing a challenge to President Barack Obama’s re-election, according to a report.
The U.S. added seven economies to the list of nations qualifying for an exemption from financial sanctions on Iranian oil imports, penalties intended to pressure Iran’s leaders to abandon any nuclear weapons ambitions.
Iran’s new government enters nuclear negotiations today with limited economic leverage, seeking relief from oil sanctions that have squeezed as much as $5 billion a month from its revenues as the world has found other suppliers.
Iran is exaggerating its crude oil export figures and won’t be allowed to sell more than 1 million barrels a day over the next six months, U.S. officials involved in managing sanctions against the country said.
The 195 nations at climate talks in Durban, South Africa, should focus on a voluntary agreement reached last year, not on linking a new deal to the existing Kyoto Protocol, a former Obama administration official says.
Excluding Iran from the global oil market would increase the shortfall between worldwide supply and demand sixfold, based on February production and consumption estimates, the U.S. Energy Department said.
It took decades for negotiators to write treaties that curb nuclear warheads and settle trade disputes between nations, and by that measure, efforts to limit global warming may just be getting started.