With Gas Prices Expected To Drop Below $3, Republicans Suddenly Silent On Obama’s Role

[tabatha]

7. For those who missed it ....

Global liquid fuel output in May and June hit 88.9 million bpd, up about 2.9 million bpd from the same period last year, the EIA said. Most of the gain came from increased output from Organization of the Petroleum Exporting Countries members Iraq and Libya. Output has also grown from Saudi Arabia.

The figures showing better supplies and falling oil prices cheered supporters of U.S. sanctions on Iranian oil transactions that get underway on June 28.

"This is great news for sanctions supporters and very bad news for the Iranian economy," said a Senate Republican aide.

"With oil prices down and markets getting looser, the President and Congress have maximum flexibility to push the envelop with regard to economic sanctions. It's only going to get worse for Tehran from here."

http://www.cnbc.com/id/47965133