Texas Tech professors discuss U.S. and Iran deal

Texas Tech professors discuss U.S. and Iran deal

The nuclear deal with Iran is sparking debate around the world.

Some argue it would give too much power to Iran, or the deal was just a ploy to enhance President Obama's legacy.
Others said it's a needed compromise and would promote peace in the Middle East.

The deal means international inspectors would be able to monitor and conduct detailed investigations of Iran's nuclear facilities for 18 years. In return, sanctions against Iran would gradually be lifted and Iran would be able to trade in the world market. 
 
For the oil and gas industry, it's an entirely different worry. Energy Commerce professor Nikki Kantelis said there are estimates Iran is sitting on nearly 30 million barrels of oil.

"Crude oil prices have fallen dramatically over the year, 50 percent or so, with the Iranian deal there is now concern that the Iranians will now be able to get their production out into the market which will further exacerbate the excess supply situation that we're seeing," Kantelis said.

Another other concern is the access to Iran's nuclear facilities. The United States has had very little knowledge about them prior to this agreement.
Texas Tech professor Ron Chesser said it's vital to maintain some form of stability in the Middle East.

"We don't want to initiate a nuclear arms race in the middle east that will destabilize that region even further, the primary purpose for the sanctions and for the inspections is to ensure that Iran uses it's nuclear capabilities strictly for its own peaceful purposes for energy and medicine and for oil exploration and all the uses that we have for nuclear materials," Chesser said.

Chesser said it's never going to be a matter of trust because we don't trust them and they don't trust us, but it's a step to keep the peace.

Congress has 60 days to consider the deal.

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