Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

Iran deal divisive among Congressional democrats

Iran

Chuck Schumer

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.


Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.