Iran sanctions could double cost of fuel

Iran sanctions could double cost of fuel

timesunion.com

Iran is the fourth-largest supplier of the world's crude oil.

Because of its limited refining capacity, Iran imports most of its gasoline and kerosene, which is then heavily subsidized in its domestic market.

H. Con. Res. 362, co-sponsored by 220 representatives including Kirsten Gillibrand and Mike McNulty, "demands that the President initiate an international effort to immediately and dramatically — (prohibit) the export to Iran of all refined petroleum products."

(visit the link for the full news article)



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H. Con. Res. 362 was introduced by Representative Gary Ackerman, and has 261 cosponsors.

List Of Cosponsors.

Cutting off Iran's domestic fuel supply will increase tension in an already volatile region, cause Iran to retaliate by removing its crude oil from the international marketplace, and potentially disrupt the 20 percent of the world's crude oil shipped through the Straits of Hormuz.

Should this happen, crude oil could jump to $200 a barrel as predicted by many analysts, resulting in gasoline and heating oil reaching $10 a gallon.
timesunion.com...

More sanctions are a bad idea, fuel prices are high enough as it is. We should solve our own problems before interfering in another country's affairs. It's not our responsibility to police the world, and it's none of our business if another nation has nuclear weapons.

timesunion.com
(visit the link for the full news article)

[edit on 8/12/2008 by Alien42]

Oh, for god's sake. Does everything have to raise the fuel costs? Pitiful.

Oil executive has indigestion, let's raise the gas prices.

There might be a hurricane, let's raise the gas prices.

The weather is dry, let's raise the gas prices.

This is disgusting and abusive.

Troy