Word: gas
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...Iranian regime? That's a prospect U.S. politicians have talked up for months. But as the U.S., Britain, France, Germany, Russia and China prepare for crucial talks with Iran in Geneva on Oct. 1, there's a growing realization that the strategy might not work. "The hype around blocking gas is hugely overdone," says Richard Dalton, who was British ambassador to Iran until 2006 and is now an associate fellow at the London think tank Chatham House. "People use this term Achilles' heel, but it has got very little substance...
...idea of blocking refined gas to Iran was raised several times during last year's U.S. presidential campaign. Barack Obama described the plan in a debate with John McCain as "putting the squeeze" on Ahmadinejad. In April the U.S. Senate introduced the bipartisan Iran Refined Petroleum Sanctions Act, which would expand sanctions imposed by Bill Clinton in 1996 and give the White House the authority to sanction companies that export gas to Iran. Senator Joe Lieberman told reporters at the time that the law would "target Iran's Achilles' economic heel, which is its dependence on imports of petroleum ... most...
Iran sits atop mammoth energy reserves -about 136 billion bbl. of oil and some 14 trillion cu m of natural gas. But because its refineries are too few and too old, the country refines just two-thirds of the gas it needs to keep its economy working and its 65 million people lit, driving and heated. The remaining third - about 120,000 bbl. a day - has to be imported...
...last month, according to the Financial Times. Lawrence Eagles, head of commodities research at JPMorgan, told the paper last week that Iran was importing 30,000 bbl. to 40,000 bbl. a day from Chinese companies. And Malaysia's state-owned oil company Petronas delivered three shipments of gas to Iran last month, each containing about 93,000 bbl., according to Stratfor. (See a brief history of sanctions...
...from certain that Chinese and Malaysian companies would bend to the same pressures that Western firms have to stop exports to Iran. Even if they do, Iran has other options. For one thing, gas-guzzling Iran could cut its consumption. As any visitor can testify, driving across Tehran can take hours in clogged traffic, which barely eases up at night. That's because Iran's regime, keen to keep voters happy, heavily subsidizes gas. Iranians are entitled to 26 gal. (100 L) of fuel a month at 38 cents per gal. (about 10 cents per L) - a tiny fraction...