US audit questions Iran sanctions

Source: alalam.ir, 16-01-2008
WASHINGTON -The economic impact of US sanctions against Iran is unclear and since 2003 Iran has signed about $20 billion in energy contracts with foreign firms, a US audit report said.
The report by the nonpartisan Government Accountability Office said the US officials and experts report that sanctions have specific impacts on Iran; however, the extent of such impacts is difficult to determine.
The report is to be released later this week.
The report, done by the investigative arm of Congress, comes as the Bush administration pushes for more sanctions against Iran and he personally was "begging for cheaper oil at his Middle East tour".
Begging for Cheaper Oil
White House hopeful Hillary Clinton has accused President George W. Bush of "begging" for cuts in oil prices in "pathetic" encounters with the Persian Gulf leaders.
The former first lady hit out at the US president as he wrapped up a tour of the Middle East, during a 2008 Democratic presidential campaign debate in Las Vegas.
"President Bush is over in the (Persian) Gulf now begging the Saudis and others to drop the price of oil," Clinton said. "How pathetic".
"We should have an energy policy right now, putting people to work in green collar jobs as a way to stave off the recession, moving us towards energy independence".
Bush earlier urged oil producers to take action over near record-high prices, prompting his Saudi hosts to say they will increase output when justified by the market.
Bush, facing recession fears at home after prices surged to a record 100 dollars at the start of the year, raised the sensitive issue on the second day of a visit to OPEC kingpin Saudi Arabia--the world's largest oil producer.
He said he planned to discuss with King Abdullah "the fact that oil prices are very high, which is tough on our economy".
Saudi Arabia's Oil Minister Ali al-Nuaimi later announced: "We will raise production when the market justifies it, this is our policy".