Economist James Hamilton says an Iranian oil embargo will have "little effect" on either Iran or...

|By:, SA News Editor

Economist James Hamilton says an Iranian oil embargo will have "little effect" on either Iran or prices in oil-consuming nations, and will stand as nothing more than a symbolic gesture. He notes the simple impact of the oft-discussed embargo is that the nations participating will buy less oil from Iran, while other countries not participating in the embargo buy more.