Petroleum Development in Iran Still Banned

WASHINGTON (CN) - U.S. entities and people are banned for another year from engaging in petroleum resource development activities in Iran, by executive order.

The ban began with Executive Order 12957, issued by President Bill Clinton in March, 1995, declaring a state of emergency under the International Emergency Economic Powers Act.

Executive orders automatically expire one year after they are issued unless the president determines that it is in the best interests of the country to extend them for an additional year.

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