Sunday, February 19, 2012

Iran shuts off the tap for the UK and France

In retaliation for EU sanctions, Iran has announced that they are shutting off oil to the UK and France. Going to sell their oil to 'other customers' they say. Which means? Here come the Chinese to fill the void.

Meanwhile, how long does anyone think it will take before the impact is felt at the American pump. No, we don't get any oil from Iran, but the speculators will turn this into a justification to jack our prices. Wait and see.

I wonder what the hope and change in charge chieftain will have to say about all of this. I can already see Hillary Clinton's face crinkling up while she delivers the very strongly worded America protest to the UN.

A general view of Iran's Oil ministry building in Tehran, Iran February 20, 2006. REUTERS-Morteza Nikoubazl


TEHRAN | Sun Feb 19, 2012 11:04am EST
(Reuters) - Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.
"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website.
The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.
Iran's oil minister said on February 4 that the Islamic state would cut its oil exports to "some" European countries.

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