Oil Price Slides to Lowest Since '03 After Iran Sanctions Lifted - NBC 7 San Diego
National & International News
The day’s top national and international news

Oil Price Slides to Lowest Since '03 After Iran Sanctions Lifted

    processing...

    NEWSLETTERS

    Oil Price Slides to Lowest Since '03 After Iran Sanctions Lifted
    AP
    Iranian President Hassan Rouhani attends a news conference in Tehran, Iran, Sunday, Jan. 17, 2016. The implementation of a historic nuclear deal with world powers is expected to pave the way for a new economic reality in Iran.

    Oil hasn't been this low since 2003 and the market braced for additional oil from Iran to hit the market following the country being freed of sanctions. 

    Sanctions enforced by the United States and the European Union kept about million barrels per day from being exported from Iran. And the country is now ready to export 50,000 barrels per day, NBC News reported. 

    The price of U.S. crude oil has been decreasing for more than a year now and it has fallen almost 40 percent in the past three months and was valued around $29.04 a barrel. In the summer of 2014, prices were at a high $100 a barrel.

    While the cheap gas has boosted consumer spending, it may also have slowed down the overall recovery of the U.S. economy by forcing major energy companies to reduce jobs and slash investments.