This headline from the Wall Street Journal today is a reminder of how tangled international economic and political affairs generally are these days: “Iran Deal Raises Prospect of Fresh Oil Glut.”
Yes, as sanctions are lifted against Iran its oil production for export will resume (they were cut in half when sanctions were first imposed), and what is already a global market surplus will get larger, undercutting prices. That’s bad news for oil producers everywhere, and bad news also for states in this country that rely heavily on fossil fuel taxes and other related revenue to make ends meet. (So denunciations of the Iran Nuke Deal from pols like Bobby Jindal and Rick Perry and Ted Cruz may have some extra venom, if that’s possible). But it’s obviously good news for drivers and consumers of food products delivered by truck. Save a few bucks and thank John Kerry.