Biden Strategy to Tame Gas Prices Is in Peril as Iran Sanctions Pressure Mounts
The cost of gas at the pump is already up 18% this year, but Congress is urging tougher sanctions enforcement.
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With only six months to go before the election, President Joe Biden’s strategy to lower gasoline prices is in jeopardy.
The administration’s soft approach to sanctions on oil from Iran, Russia and Venezuela has been key to its efforts to tame fuel costs. But that leniency is becoming politically riskier: Iran’s attack on Israel has intensified pressure on Biden to crack down on crude exports from the Islamic Republic. The OPEC member produces approximately 3 million barrels a day, equivalent to about 3% of global supply. And though Iranian crude might not find its way into US gasoline tanks, its presence generally helps to limit price gains.