Word: petroleum
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Farhi points out that Iran's regime began making preparations for U.S. petroleum sanctions as early as 2007, diversifying its sources of supply, moving to upgrade its refineries and implementing a comprehensive rationing system, all of which can help the regime manage the impact of a fall in gasoline imports...
...surprise that the industry's 800 lb. gorilla is French. Back in the 1970s, when most Western nations reacted to the end of the first oil crisis by forgetting it ever happened, France decided to kick its petroleum habit by pouring money into its young nuclear industry. France now has 59 operational reactors, which generate 80% of the country's electricity and have allowed it to become a net exporter of power...
...congressional hearing on Iran on July 23, House Foreign Affairs Committee chairman Howard Berman announced that if Iran doesn't engage in talks, he would move ahead "in the early fall" with a widely supported bill that would ban U.S. commercial ties with any company that sells refined petroleum products to Iran. Despite Iran's massive oil reserves, its lack of refining capacity forces the nation to import almost half the gasoline it consumes. Berman introduced the bill at Ross's urging last spring. (See pictures of Ahmadinejad's supporters on LIFE.com...
...those fears have diminished as the stalemate in parliament over oil has dragged on. Big Oil might also be emboldened to make deals on oil fields in the Kurdish areas since last week, when the Chinese oil giant Sinopec announced that it was acquiring the Swiss oil company Addax Petroleum, which operates in Iraqi Kurdistan. "It will be much more difficult to blacklist Sinopec," says Yousni. "This is China, a permanent member of the U.N. Security Council, not some small oil company," he says. Having dared to take on Baghdad, China has increased the Kurds' ability to become an autonomous...
...called it "the most evil" among Iran's enemies in his speech a week after the elections, when he unequivocally backed Ahmadinejad. Under Winston Churchill, Britain engineered the 1953 coup that brought down the democratically elected government after it nationalized Iran's oil, until then largely owned by British Petroleum. Understandably, many Iranians still see Britain as a credible culprit. In a piece titled "How Did England Mount the Green Wave?" the official Islamic Republic News Agency (IRNA) analyzed London's interference in Iran's elections based on "expert psychological opinion." The article, published on July 1, says British tactics...