Obama decides oil supply sufficient to further sanction Iran
March 30th, 2012
02:20 PM ET

Obama decides oil supply sufficient to further sanction Iran

By Steve Hargreaves from CNNMoney

President Obama ratcheted up the pressure on Iran Friday, deciding to implement previously announced sanctions that will be the toughest to date.

The decision declares that world oil markets can be adequately supplied even if a significant portion of Iran's 2.2 million barrels a day in oil exports is taken off the table.

Previously, the Obama administration determined 11 countries, 10  in the European Union and Japan, had significantly reduced their Iran oil purchases and should not be subject to new U.S. sanctions.  But 12 others did not meet those requirements, including China, India and South Korea.

"There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Obama said in a statement.

Read more of the CNNMoney story here.

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Filed under: Iran • Middle East • Obama • Sanctions • State Department
soundoff (26 Responses)
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  6. StanCalif

    The GOP/TP rants and raves about raising taxes! High oil prices is a "tax"! The proceeds of this "tax" benefits the wealthy, the oil speculators, the oil companies and Saudi Arabia! Our own resources are "sold off"! Isn't this why nations "Nationalize" oil companies? Take a look at what Russia has done. Russia nationalized gas and oil. Today, Russia supplies Europe's gas. Russia continues to strengthen it's hold on Europe, not through "free enterprise"! Russian gas is delivered for prices set by Putin! As Russia's newly "elected" president and also the head of the Russian gas monopoly, he has single handedly removed Russian gas from the "market". Let's see what happens when he decides to get greedy!

    April 1, 2012 at 8:23 am | Reply
  7. mipolitic

    GUYS DO NOT BUY INTO THIS SHAM , NO MORE THAN A WEEK AGO MR OBAMA WITHDREW AND REDUCED THE SANCTIONS ON IRAN IN REGARDS TO OIL .

    LAST WEEK OBAMA SAID HE REDUCED SOME OF THE RULES OF THE SANCTIONS WHICH ALLOWED MANY EUROPIAN COUNTRIES TO BUY MORE OIL FROM IRAN THAN THE SANCTIONS ALLOWED .

    CHECK IT OUT THIS IS A BIG TIME SCAM HONESTLY CHECK IT OUT . last week he quietly softened the
    sanctions and this week he looks like he is playing hard ball . what a joke !

    March 30, 2012 at 8:43 pm | Reply
  8. DEBBIE

    IT GREAT TO WATCH IRAN SUFFER. THEIR PRESIDENT IS AN IDIOT.

    March 30, 2012 at 6:26 pm | Reply
    • David

      Israel is using the US as a dog to attack its enemies.

      This must end.

      Down with zionism.

      Down with shin bet.

      Stop supporing zionist aggression.

      Jewsagainstzionism.com

      Down with likud.

      March 30, 2012 at 7:31 pm | Reply
      • Derrick

        Read the Bible, don't be an idiot.. Israel is GOD'S chosen people.. Would be a big mistake to not back Israel.. Trust me, if you believe in God and Jesus, which I pray and hope that you do, then you can read and understand what I am saying.. Don't make the same mistake that so many others are.. If ur not on Gods side, then you only have one other option> NO one wants to go there... I am not being rude, just looking out for a fellow human.. Take care and always think God for your life today, because we know Not what tomorrow brings...

        March 31, 2012 at 8:18 pm |
      • americanFreeek

        David you are a close-minded zealot of your own kind. Stop with all this 'Zionism' crap, it is as discriminatory as anything else in this world and wrong. Do your homework.

        March 31, 2012 at 9:09 pm |
      • just wondering

        obviously another drop out of public education

        March 31, 2012 at 10:39 pm |
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  10. David

    Israel is using the US as a dog to attack its enemies.

    This must end.

    Down with zionism.

    Down with shin bet.

    Down with likud.

    March 30, 2012 at 3:54 pm | Reply
  11. the wise

    Stop supporing zionist aggression.

    Jewsagainstzionism.com

    March 30, 2012 at 3:41 pm | Reply
    • Capt. Obvious

      You should change your name to "the dumbass"

      March 30, 2012 at 4:24 pm | Reply
      • David

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        March 30, 2012 at 6:46 pm |
  12. Clinton

    I seriously can't believe in 2012 after all we've learned that we allow our world economy to be held hostage by a few Oil companies... how is that even possible.... If i made laws... i'd tell the Gas companies that they can sell gas in the US for 2.50 a gallon maximum and if they don't like it, then they can't sell their product in the United States... the largest consumer of Gas in the world.... seriously... I know there's a bunch of idiots that think that wouldn't work but tell me how could they say no? They would lose Billions of dollars if they said no... there have to be safeguards to protect the economy... energy is a NATIONAL SECURITY risk... this should have been implemented years ago.

    March 30, 2012 at 3:28 pm | Reply
    • Paul

      A much easier way would be to take all speculation out of the equation! Just WHO is profiting from $200 a barrel oil? Only the oil companies and speculators! They lose nothing and we pay! make speculators take delivery of the oil PHYSICALLY and all this corruption will stop dead!.

      March 30, 2012 at 5:47 pm | Reply
  13. grooveclubhouse

    If there is significant supply then why are prices out the ass?

    March 30, 2012 at 2:42 pm | Reply
    • Clinton

      Because even though our Government has the balls to stare down a foreign power that is working on a Nuke and tell them don't you dare!!!! .... They do not have the balls to tell Big Oil companies and Wall street speculators that artificially inflating the price of oil is tantamount to treason and holding the world hostage. Despite the Bravery and posturing i see from every politician towards our percieved foreign enemies... you'll never see them stand up to big oil and say... You guys are a trust... you're not competing with eachother, that is illegal and if you want to sell oil in this country you're going to have to play by the rules.... Personally i think all Big Oil execs and board members, as well as wall street speculators should be drug out in the street and shot in front of their families.... Then again... i'm a pacifist so my resolution is probably a little tame compared to other folks.

      March 30, 2012 at 3:13 pm | Reply
      • grooveclubhouse

        Ha, Thats a good one. Yes I agree that big oil is an issue. Not to long ago (maybe a month or two ago) I read that the US is actually EXPORTING oil due to a surplus yet prices remained high then as well. The biggest issue I see to economic recovery is the price of oil. Cut the price of oil and everything across the board gains. IMO

        March 30, 2012 at 4:40 pm |
      • StanCalif

        An even bigger "crime" against the American people is the continued subsidized production of ethanol from corn! This program, invented by politicians, is consuming a most valuable food crop to generate motor fuel! Now, we are even exporting corn ethanol because we can't use all being produced! Meanwhile, livestock producers pay higher and higher prices to feed their animals. Our meat, milk and egg prices soar!
        Brazil exports ethanol also. Brazil is smart enough to make ethanol from cane which grows like crazy and does not require petroleum based fertilizers to produce! What are we doing?

        April 1, 2012 at 8:40 am |
    • Catamount

      @grooveclubhouse: Shun and reject Clinton. He’s an unemployed Occupy Wall Street retard who blogs between protests.

      Why are gas prices out the wazoo? A little bit speculation on supply uncertainty, like no new permits issued on federal land or moratoriums in the Gulf or an Israeli strike on Iran resulting in the Straits of Hormuz shipping lanes closing. But mostly the answer you seek is “Quantitative Easing”, democratspeak for printing buttloads of money. A barrel of oil is priced in dollars. Fed Reserve chairman Bernanke by direction of Obama has printed a buttload of money, thereby reducing YOUR purchasing power.

      Take an eight-slice pizza. Cut it into 16 slices. Cut those into 32. Do you have more pizza? Oil is priced in dollars, so when we print more and more dollars for the same amount of oil, there isn't more oil. Price of oil goes up.

      Did you vote for Obama? You voted for high oil prices and your complaints are, well, blame yourself. I didn’t vote for him. When a Keynesian economics ideologue pisses away billions as a community organizer in Chicago fixing nothing, and Keynesian economics has not worked anywhere on planet earth in history, it’s pretty apparent he won’t be able to fix a capitalist economy. But societal losers getting more wealth redistributed to them will be happy. Until the wealth runs out. Which it has.

      March 30, 2012 at 4:50 pm | Reply
      • Paul

        Speculation is the ENTIRE reason oil is so high. It has nothing to do with the amount of oil available. If it did, gas would be LOWER in the USA instead of climbing. We are EXPORTING gas because we have too much refining capacity and oil stocks. FOLLOW THE MONEY! If you think electing Romney over Obama will make a difference, just look at who his biggest contributors are. They don't spend that kind of money without expectation of something in return. FOLLOW THE MONEY

        March 30, 2012 at 5:51 pm |
      • Dave

        How is what Obama's done any different than any other repub including the senile Regan? No Pres has run a surplus other than Clinton. Blame Nixon for ending the gold standard once and for all and allowing for our fiat currency, that means not backed mouth breather. Why don't you check the charts for the highest inflation spikes of the last 40 years and tell me why they happen during repuke administrations who are so fiscally conservative and economically brilliant? Casrate yourself and spare the next generation of your stupidity.

        April 1, 2012 at 11:35 am |

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