WASHINGTON, D.C. (NBC News) – The White House announced Monday it will not extend waivers and will begin to punish countries buying oil from Iran, with an ultimate goal of reducing the country’s crude exports to zero.
“The goal remains simple, to deprive the outlaw regime of the funds that it used to destabilize the Middle East for decades and incentivize Iran to behave like a normal country,” Secretary of State Mike Pompeo said.
The move comes nearly a year after the United States dropped out of the Iran nuclear deal. The administration now hopes to force Iranian leaders to negotiate a new deal that would cover nuclear activities as well as the country’s ballistic missile program.
With gas prices already climbing because of the costly switch to summer blends, some analysts warn tightening the world supply of crude could drive fuel costs to $3 a gallon or more.
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