What does it all mean? What’s really at stake? And what happens after this?
Off The Grid
The United States government and five other countries – Britain, France, Russia, Germany and China – are entering final negotiations today with Iran in Vienna, Austria.
The deal’s aim: to prevent Iran from developing nuclear weapons. The deal imposes restrictions on Iran’s nuclear program and allows for outside inspections to ensure the country is meeting the agreed-upon obligations. The U.S. and its European allies have agreed, in exchange, to drop certain economic sanctions on Iran.
What sanctions, you ask? Why, removing sanctions on Iran’s oil production of course. The deal will allow Iran to sell oil on the international front, placing the country back on the global market.
What does this mean for you? That crude oil prices will drop, ie, cheaper gas. Iran reportedly has the world’s third-largest oil and gas reserves. Adding the country’s oil supplies back on the international market means lower prices for you, but bad news for U.S. shale oil producers according to Time.
Iran has been on the U.S. list of state sponsors of terrorism since 1984. According to NPR, the country was originally placed on the list due to its support of the Shiite group Hezbollah, Hamas in Gaza, the Houthis in Yemen, among others.
Opponents of the nuclear deal have expressed fears of negotiating with Iran, a country with known ties to these terrorist organizations. Back in March, Sen. Tom Cotton (R-AK) sent an open letter to Iran’s leaders, warning that Congress will not honor the deal. Forty-six Republican senators signed the latter along with Cotton.
Others, including Sen. Bernie Sanders, praised the deal. Sanders himself reportedly called it a “victory for diplomacy.”
President Obama has to submit the deal to Congress now, and, in turn, Congress has 60 days to review it. Many are already threatening to fight it, but Obama has vowed to push it through with a veto. On the other end of the globe, Iran needs the support of Iran’s Supreme Leader, Ayatollah Ali Khamenei.
European Union High Representative Federica Mogherini, who has been at the forefront of the negotiations, has stated in the past that the “security of the world is at stake,” according to CNN. For a full report on the details regarding the negotiations, check out the White House page here.
What do you make of the deal? Are you for or against it? Sound off below.