Word: oiling
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...undecided. Most importantly, the Kurdistan Alliance will be carefully courted as potential kingmaker when the votes are cast and a new government is formed. Iraq's Kurds put forward a mostly united front in their rocky relations with the central government in Baghdad over autonomy, oil sharing, and disputed territories, issues that pit it against Sunni Arabs in the northwest and most Iraqi nationalists...
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...
...former State Department official and now director of Nuclear Nonproliferation at the International Institute for Strategic Studies in London. "They all have bigger markets elsewhere, including in the U.S." Indeed, even talk of a refined-petroleum blockade convinced British Petroleum to halt its exports to Iran last year. Oil analysts believe Reliance has suspended sales to Iran too. (See pictures of terror in Tehran...
...that early talk gave Iran time to prepare for new sanctions. Earlier this year, it began importing far more than it was using. Intelligence consultancy Stratfor noted last week that Iran has probably stockpiled at least three months' worth of gasoline. The National Iranian Oil Refining and Distribution Co. estimates that the country has some 15.7 million bbl. of gasoline - about four months' worth - stockpiled in tankers on land and off its Persian Gulf coast. After BP and Reliance halted exports to Iran, Chinese state-owned oil companies filled the gap, supplying about one-third of Iran's gasoline imports...
...officials believe going after oil imports may still be worth it. Rather than passing laws or attempting to push new sanctions through the U.N. Security Council - where Russia and China could veto them - officials are quietly approaching companies directly, convincing executives that the cost of doing business with Iran has become too high. In the past few months, Washington has leaned on insurance companies that underwrite Iran's shipments abroad and as many as 80 banks that handle financial transactions for the country. In January, the U.S. slapped a $350 million fine on Britain's Lloyds TSB Bank for funneling...