The Ottumwa Courier

AP National

August 30, 2013

APNewsBreak: US: Iran can't access much oil income

(Continued)

Iran was exporting about 2.5 million barrels a day at the end of 2011 and is now believed to be exporting about 1 million. Iradian said the price of oil averaged about $107 a barrel for the first half of the year but spiked in recent days over growing tensions in Syria, Iran's closest ally in the Arab world.

The steep drop in oil exports is not the only indication of the heavy toll sanctions have taken on Iran's economy over the past two years. The local rial currency lost two-thirds of its value since late 2011, and inflation has surged.

Since the election of new president Hasan Rouhani in June, there have been a number of indications the distress is deepening. Local news reports say Tehran may come up short of money to cover this year's budget. And an Iranian official said recently that more than $60 billion of the country's oil revenue is frozen in foreign banks and out of reach.

Still, analysts say Iran's economy has proved resilient and flexible enough to offset some sanctions damage. The country has diversified its exports and become less reliant on sanctioned oil.

Mark Dubowitz, director of the Foundation for Defense of Democracies and an advocate of tougher sanctions, said at the current trajectory Iran can continue to muddle through economically for a few more years. And some experts have concluded Iran could produce enough material to build a nuclear weapon by mid-2014.

"Without massively intensified economic pressure and a real threat of military force ... Iranian nuclear physics will continue to outpace Western economic pressure and diplomacy," Dubowitz said.

Text Only
AP National
  • Air travel a leap of faith for passengers WASHINGTON (AP) — Airline travel requires passengers to make a leap of faith, entrusting their lives to pilots, airlines, air traffic controllers and others who regulate air travel. Even after a week of multiple tragedies in worldwide aviation, "Ther

    July 25, 2014

  • Pot may be legal, but homeowner agreements can ban DENVER (AP) — Pot may be legal in some states — but the neighbors don't have to like it. Marijuana and hemp have joined wacky paint colors and unsightly fences as common neighborhood disputes facing homeowners' associations. Though a few HOAs have wi

    July 25, 2014

  • Central American leaders convening at White House WASHINGTON (AP) — President Barack Obama will urge Central American leaders to help slow the influx of unaccompanied children fleeing their countries for the United States, even as Congress remains deeply divided over proposals to stem the crisis at

    July 25, 2014

  • Little sunlight as Obama raises super PAC dollars WASHINGTON (AP) — For years President Barack Obama railed against the surge of unlimited spending flowing into American political campaigns, arguing that average voters were being shut out of a secretive system that lets special interests bankroll el

    July 25, 2014

  • Prosecutor: Man faces charges in hospital shooting DARBY, Pa. (AP) — A man who authorities say fatally shot a caseworker at a hospital complex near Philadelphia and was then shot by his psychiatrist remains listed in critical condition. District Attorney Jack Whelan said Richard Plotts would be arrai

    July 25, 2014

  • Social Security's $300M IT project doesn't work WASHINGTON (AP) — The Social Security Administration has spent nearly $300 million on a new computer system to handle disability claims, but the agency can't get it to work. And officials can't say when it will. Six years ago, Social Security embarke

    July 24, 2014

  • JFK returns to old look in new collectors' coins WEST POINT, N.Y. (AP) — President John F. Kennedy is getting his old look back on new collectors' coins. The slain president's profile debuted on the half dollar 50 years ago, and the image was subtly tweaked and sharpened in the 1990s. Now the U.S.

    July 24, 2014

  • FAA lifts ban on US flights to Tel Aviv airport WASHINGTON (AP) — The Federal Aviation Administration has lifted its ban on U.S. flights in and out of Israel. The end of the ban, which the agency had imposed out of concern for the risk of planes being hit by Hamas rockets, was effective at 11:45 p

    July 24, 2014

  • Man run over by own truck during road rage GAINESVILLE, Fla. (AP) — A man in Florida apparently got a dose of road rage karma when police say he was run over by his own pickup truck after getting out to bang on another driver's window. It happened Tuesday evening in Gainesville, Florida. The

    July 24, 2014

  • New Jersey sues over Florida pizza shop logo TRENTON, N.J. (AP) — The New Jersey Turnpike Authority wants a Florida pizza shop to pay a big toll for using a logo similar to the Garden State Parkway's green and yellow signs. The agency sued Jersey Boardwalk Pizza Tuesday in federal court over th

    July 24, 2014

Obituaries
Record
Facebook
AP National