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News number: 9101140893

08:43 | 2012-04-09

Economy

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Western Tensions against Iran Hike Gasoline Price by 25 Cents per Gallon in US

TEHRAN (FNA)- West-driven tensions against Iran which have led to retaliatory sanctions by both sides are adding 25 cents a gallon to already pricey gasoline in the US, according to the Energy Policy Research Foundation, a Washington nonprofit organization.



Sanctions have cut Iranian exports by 300,000 barrels a day, which hikes crude by $10 a barrel, which in turn, translates into an added 25 cents per gallon of gasoline in the US, the foundation finds, according to the Christian Science Monitor.

The US and Europe have applied economic sanctions against Iran for its civilian nuclear program, and Iran has already halted oil shipments to the UK and France before a European ban on Iranian crude begins in July.

Some trade experts point out that sanctions hurt those who impose them, and the US administration and its western allies have not warned their nations of the side effects of their policies.

"It's a legitimate argument to say the benefits of the aim of these sanctions - convincing Iran to stop its nuclear program - outweigh the economic costs," says Bill Reinsch, president of the National Foreign Trade Council (NFTC), a Washington lobbying organization, the Monitor added.

"What is not acceptable is to pretend there are no costs, or to ignore them."

Nationally, a gallon of regular gasoline is averaging nearly $4 a gallon, according to the AAA Daily Fuel Gauge, and prices are due to continue climbing as summer approaches, when Americans drive more and also when refineries switch to more expensive blends.

"There's always built-in increase, and it's going to be accentuated this year," Tom Kloza, chief oil analyst at Oil Price Information Service, told the Associated Press.