Watching Government: Not smart sanctions

Weakening oil prices have allowed the US Congress to indulge itself on the sanctions issue, industry officials say.Analysts caution market fundamentals may be temporary. But for now Congress thinks it has the breathing room to antagonize US allies, the White House, and most of the world's top oil producers. It is good political theater, too, since polls suggest voters want someone to blame for this spring's higher fuel prices.To that end, leaders of the Republican-led House and Democratic-controlled Senate have pledged to renew the Iran Libya Sanctions Act for 5 more years. ILSA, due to expire this August, seeks to punish foreign companies or countries that invest in either countr...

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