Freeman

IN BRIEF

Despite Plan, Iranian Sanctions Push Oil Prices Skyward

FEBRUARY 28, 2012

“U.S. and EU sanctions on Iran’s crude oil exports and its central bank were not supposed to affect either the volume of oil available or its price, provided markets reacted ‘rationally’…. But the policy has backfired. Oil prices have surged, harming consuming countries and offsetting the impact of lower exports on Iran’s revenues…. [T]he thicket of sanctions on Iran imposed by the European Union and United States is now so complex it is becoming hard to conduct trade that is supposed to be permitted.” (Reuters)

Imagine that: The experts get it wrong . . . again.

FEE Timely Classic
“The Law of Supply and Demand” by Israel M. Kirzner

comments powered by Disqus

EMAIL UPDATES

* indicates required

CURRENT ISSUE

October 2014

Heavily-armed police and their supporters will tell you they need all those armored trucks and heavy guns. It's a dangerous job, not least because Americans have so many guns. But the numbers just don't support these claims: Policing is safer than ever--and it's safer than a lot of common jobs by comparison. Daniel Bier has the analysis. Plus, Iain Murray and Wendy McElroy look at how the Feds are recruiting more and more Americans to do their policework for them.
Download Free PDF

PAST ISSUES

SUBSCRIBE

RENEW YOUR SUBSCRIPTION