Half of Iranians Lack Adequate Money for Food, Shelter

According to a recent Gallup Poll of based on telephone surveys of Iranian adults during 2011 through 2012, half of respondents say there have been times in the past year when they had trouble paying for adequate shelter and food for their families. The 50% figure is the highest among 19 populations in the Middle East and North Africa region that Gallup surveyed in 2012 and 2013.

Iranian’s election of moderate cleric Hassan Rouhani to the presidency has been widely interpreted as evidence of their desire for meaningful change in the country. Widespread economic hardship among the Iranian people carries mixed implications for the future of relations between Washington and Tehran under President Rouhani. Some Western leaders may take the effects of the international sanctions on the Iranian people as a sign that the sanctions are working and should be maintained. However, U.S. officials claim that the Iranian people are not the target of the sanctions. Almost half of Iranians (46%) say they hold the U.S. responsible for the international sanctions against their country, while 13% blame their own government.  What's more, Gallup finds that most Iranians (68%) still support the country's efforts to develop its nuclear capabilities. Additionally, the head of the United Nations International Atomic Energy Agency (IAEA) recently reported no signs that sanctions have slowed down Iran's nuclear program.

America's Trade Deficit Decreases

The Bureau of Economic Analysis released its monthly report on U.S. International Trade in Goods and Serviceson July 11^th.  As of May, America is running a $48.7 billion trade deficit.  The trade deficit was revised downward from its previous estimate of $50.1 billion in April.  Exports of goods and services rose $0.4 billion during May – due mostly to an increase in the exports of services – and imports decreased by $1.6 billion.  While the imports of goods decreased, imports of services actually increased.  America’s goods deficit with China contributes greatly to the overall trade deficit, and in the month of May, the goods deficit with the nation of over 1.3 billion increased $1.4 billion to $26.0 billion total.

Pew Study Reveals Hows Well Americans Follow Current Events

Pew Research Center's most recent News IQ survey explores how knowledgeable Americans are regarding current events. The 19-question survey ranged from identifying country maps to recognizing prominent US government officials such as the Secretary of State and Speaker of the House of Representatives. (To test yourself against the results Pew found before reading the summary, follow this link.)



Respondents correctly answered visual questions more often than verbal questions, and scored particularly well when asked to identify prominent political figures. 82% of respondents correctly identified US Secretary of State Hillary Clinton, 79% recognized former Libyan leader Muammar Gadhafi, and 70% recognized Charmain of the Federal Reserve Ben Bernanke.


Respondents performed worst when asked to name the British Prime Minister (only 38% correctly chose David Cameron) and when asked to identify the universal symbol of Islam (42%).

Unlike previous surveys, respondents performed significantly differently depending on partisan affiliation. Pew reports: "On 13 out of the 19 questions, Republicans score significantly higher than Democrats and there are no questions on which Democrats did better than Republicans." Republicans were understandably more able to identify that the Republican Party has a majority in the House of Representatives (59% to Democrat's 40%) and that the elephant is a symbol of the GOP (87% to 69%). Republicans were 17 points more likely to identify Greece's debt troubles and 16 points more likely to identify Israel on a map of the Mideast.

CF

Oil Consumption and Production

A brief piece from the Economist highlights the oil trends around the world during the past decade. The article argues that the demand for oil exceeds oil production, following significant increases in consumption especially in Asia.

Prices of crude oil increased to $118.59 a barrel on June 8. The recent OPEC meeting in Vienna did not reach a conclusion on production quotas. Despite the failure to reach a consensus, Saudi Arabia has been planning to raise production levels by 1 million barrels a day.

One of the difficulties surrounding OPEC's meeting was the unique situation in some OPEC member states. For example, Libya has failed to produce much oil ever since February when the civil rest escalated into violence. This situation ultimately leaves to other nations the responsibility of filling the gap in oil production. On the other hand, other member nations like Kuwait, Qatar, and the UAE support the insurgents in Libya.



Over the past ten years, China's consumption of oil increased by about 4 million barrels a day. This increase accounts for 40% of the world's rise in oil consumption. Also, for the first time ever, worldwide consumption superseded production by 5 million barrels per day.