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Oil price drop threatens to hit Russia, Iran harder than sanctions
Oil price drop threatens to hit Russia, Iran harder than sanctions

A drop in global oil prices, driven in part by a boom in U.S. shale oil production, is threatening to hit the economies of energy-exporting Russia and Iran harder than Western economic sanctions have done. Prices have fallen about 20% on world markets since June because of an increase in oil production and an economic slowdown in Asia and Europe. If that continues, as many analysts expect, gasoline may sell below $3 a gallon at the pump in much of the United States. The decline is bringing growing political and economic pressure on Russian President Vladimir Putin. Moscow has been socked this year by U.S. and European Union sanctions over Russia's annexation of Ukraine's Crimea...

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