Energy & Environment
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Energy & Environment
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US and Iran hold economic standoff |
The economic front in the U.S. war against Iran is reaching a crisis point for both sides, as negotiations on an end to the war remain deadlocked over Iran’s nuclear program.
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© Lindsey Wasson, Associated Press File
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Iran’s stranglehold on the Strait of Hormuz has sent average U.S. gas prices to their highest average point since the war started – about $4.23 per gallon – as President Trump’s approval ratings continue to plummet.
But the president and his top officials are stressing that Iran is running out of storage capacity for its oil and gas while under a U.S. blockade, and must accept U.S. terms for ending the war.
“We are in an economic waiting game and I think both sides think they can outlast the other,” said Kristian Coates Ulrichsen, fellow for the Middle East at Rice University’s Baker Institute.
How long both countries can weather the economic shocks will be a major factor in what a peace deal eventually looks like, or whether the countries return to open warfare.
“Undoubtedly the pressure on Iran and its difficulties are not even comparable with the U.S. The U.S. economy is strong, it’s doing fine,” said Adnan Mazarei, nonresident senior fellow with the Peterson Institute for International Economics.
“There is pressure on [U.S.] prices and those will cause difficulties and those will have political consequences for the Trump administration.”
Read more here, from The Hill's Laura Kelly and me.
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Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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How policy will affect the energy and environment sectors now and in the future:
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The House is seeking to advance a biofuel bill and then procedurally tie it to the Farm Bill before sending the package to the Senate.
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The U.S. infant formula supply is largely safe from contaminants, according to new testing results announced Wednesday by the Food and Drug Administration (FDA).
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News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
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Upcoming news themes and events we're watching:
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- Forest Service Chief Tom Schultz is expected to appear before the Senate Appropriations Committee
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Two key stories on The Hill right now:
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House Democrats came out firing during Defense Secretary Pete Hegseth’s first hearing since the Iran war started, peppering the Pentagon chief with questions on his characterization of the conflict and recent high-profile firings of top military officials. Read more
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Defense Secretary Pete Hegseth sparred with Democrats throughout a House hearing on Wednesday, with tensions flaring over the Iran war, the Pentagon’s whopping $1.5 trillion budget request and his ouster of top military officials. Read more
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