Iran deal divisive among Congressional democrats
Senator Chuck Schumer (D-NY), the most influential Jewish voice in Congress, announced Thursday that he would oppose the Iran nuclear deal. Schumer is the ranking member on the Committee on Rules and Administration, as well as a member of the Senate Judiciary Committee, Senate Finance Committee, and the Banking, Housing and Urban Affairs Committee.
“Advocates on both sides have strong cases for their point of view that cannot simply be dismissed,” said Schumer. “This has made evaluating the agreement a difficult and deliberate endeavor, and after deep study, careful thought and considerable soul-searching, I have decided I must oppose the agreement and will vote yes on a motion of disapproval.”
Representative Eliot Engle (D-NY), the ranking Democrat on the House Foreign Affairs Committee, quickly followed suit, saying he would oppose the bill as well.
Schumer said his chief concern with the deal was that it would allow Iran to build a nuclear bomb after a decade. “To me, after 10 years, if Iran is the same nation as it is today, we will be worse off with this agreement than without it,” he said.
146 House Democrats will be needed to uphold a veto, should President Obama decide to try and override a vote of disapproval. Democratic leaders working to build the support required said they had not included Schumer among their supporters, and that they believed they would be able to get the votes needed even without him.
Adding to a long market
The implications of the Iran deal for the oil and gas industry are difficult to calculate exactly, with estimates on how much oil and when it might return to the market from Iran varying widely, but adding any amount of oil to a market that is already oversupplied by 1-2 MMBOPD will have negative effects on oil prices. To read Oil & Gas 360®’s exclusive coverage of the potential outcomes of the Iran deal on global oil and gas markets, click here.