Posted on 01/22/2012 11:50:58 PM PST by EnglishCon
European Union foreign ministers are expected to announce a phased ban on the purchase of oil from Iran at a meeting on Monday in Brussels.
It would be the latest EU measure to be introduced in retaliation for Iran's nuclear programme.
The EU currently buys around 20% of Iran's oil exports.
Tehran denies that it is trying to develop nuclear weapons and says talks and not sanctions are the only way to resolve the dispute.
(Excerpt) Read more at bbc.co.uk ...
This is going to have a major impact over here. We are already paying over $2 per LITER (roughly $9 per gallon) and replacing 20% of oil imports within a month is going to be almost impossible. Greece and Italy are going to be especially hard hit - not exactly what they need at the moment.
It will fail if Iran makes a deal with China and China flags the tankers.
Whoopie do. The Chinese will buy all they bring to market. They know it too.
Don’t worry. There’ll be an “oil for food” program, and that’ll allow just enough oil to keep Iran’s pore hungry wee ‘uns eating a balanced, nutritional diet of centrifuges and isotopes.
If they could swing that then another oil for food program will provide endless voucher-bribes for both the media and the politicians from lowly congresscritters on up to lofty UN officials... just like it did last time.
BEIJING—China signed billions of dollars in deals with key U.S. allies during its premier's visit to the Persian Gulf, forging ahead with long-term efforts to rely less on its traditional oil suppliers, including Iran—even as it publicly brushes aside U.S. and European pressure to cut its Iranian imports.
http://online.wsj.com/article/SB10001424052970203750404577170412230319648.html
Well, I ain’t exactly worried about the welfare of Iran during sanctions. :)
Not too sure that China will buy Iranian oil during sanctions. They are after brownie points to deflect the usual criticism of them over N Korea, Taiwan and Tibet, as well as basically needing to support US policy in this case. If they don’t they probably won’t get paid.
“This is going to have a major impact over here. We are already paying over $2 per LITER (roughly $9 per gallon) and replacing 20% of oil imports within a month is going to be almost impossible.”
20% of the EU’s oil imports may come from Iran, but nearly all of that goes to southern european countries - very little ends up in the UK. Our problem is not the price of oil, but the amount of duty and VAT our own governments place on road fuel. Getting on for 70% of the price of road fuel is duty and tax. The real enemy to the motorist is still Westminster, not I’manutjob or his cronies.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.