We can protect the global economy from higher oil prices while punishing Iran.
Simon Johnson, former chief economist at the International Monetary Fund, and Catherine Wolfram, a former deputy assistant secretary for climate and energy economics at the Treasury Department, are professors at MIT’s Sloan School of Management.An unfortunate fact about oil markets is that all petrostates profit from violence — whether they perpetrate it themselves or benefit when other petrostates do. And that creates a conundrum for U.S.
One approach would be to apply a version of the price cap to Iran. The Russian price cap is designed to keep oil on the world market while reducing the revenue of an aggressive regime. Iran is already under, meaning that not just Iran but also anyone doing business with it can be sanctioned .
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