Tuesday, July 23, 2013

The Oil Boom’s Foreign Policy dividend

By John Hannah and Nouriel Roubini
July 19, 2013

The domestic benefits of the U.S. oil production boom are well documented — everything from the creation of high-paying jobs to sending less money to foreign oil producers.

Less well appreciated are the geopolitical benefits. U.S. oil production has already paid foreign policy dividends in at least one vital area: It has paved the way for stronger sanctions on Iran by helping to keep the global oil market well-supplied and minimizing oil price volatility.

This development is timely and instructive.

By the first half of 2014, according to credible estimates, Iran is likely to be able to covertly produce enough highly enriched uranium for one nuclear device in as little as seven to 10 days — before it could be detected by the international community. While it remains unclear how close Iran is to nuclear weapons capability, the consensus is that the window for preventing it from happening is closing.
read more : http://blogs.reuters.com/great-debate/2013/07/19/the-oil-booms-foreign-policy-dividend/ >>>>>>
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