On Bauer Business Focus — A conversation about the effects of Iran’s sanction with Andrew Schneider, business reporter for KUHF 88.7 FM.
In late 2010, a revolutionary wave of demonstrations and protests known as the Arab Spring brought political turmoil to the Middle East.
In addition to facing criticism from citizens, leaders in the area are also facing sanctions from several global powerhouses in response to Iran’s alleged nuclear weapons program.
Alistair Burt, Parliamentary Under-Secretary of State for the Foreign and Commonwealth Office, visits Bauer Business Focus this week to discuss the restrictions recently imposed by the European Union.
“The European Union has taken the unprecedented step in announcing the sanctions embargo in relation to Iran which will come into effect over a period of six months,” Burt said. “This gives the world’s oil supply a chance to respond to that and make the adjustments necessary.”
With many uncertainties looming, he added, many consumers think back to the energy crisis of the 1970’s and wonder if history will repeat itself.
“You can never tell what will happen, but the bargain the world has between the oil producers and oil users to recognize the damage done all around if it was a sudden break in supply and shock and therefore, preparations are taken to increase supply if there should be a problem with one particular supply, such as Iran, shows that the world is capable of responding and predicting these sorts of things.”
Click here to hear the full interview.