الرئيسية
NEW YORK (AP) — The U.S. and Europe are trying to stop Iran, the
world's third-biggest oil exporter, from selling crude. Iran's response
is to threaten to disrupt shipments from the entire Middle East.
Yet oil prices have hardly budged. They're at $98.95, up just 12 cents since the start of year.
Just
a year ago, uprisings in far less important oil-producing countries
such as Egypt and Libya sent oil and gasoline prices to their highest
levels in three years and prompted Western nations to release millions
of barrels of oil from emergency supplies.
The reason for such calm this year: No oil has been blocked, and there's a good chance none will be.
The
U.S. and Europe want to deprive Iran of the oil income it needs to run
its government and, most importantly, fund what the West believes is an
effort to build a nuclear weapon. Last year, Iran generated $100 billion
in revenue from oil, up from $20 billion a decade ago, according to IHS
CERA, an energy consulting firm.
The European Union announced
Monday it would ban the import of Iranian crude starting in July. The
U.S. already doesn't buy Iranian oil, but last month it placed sanctions
on Iran's banks to make it harder for that nation to sell crude. The
U.S., however, has delayed implementing those sanctions for at least six
months because it is worried about sending oil prices higher at a time
when the world economy is struggling.
world's third-biggest oil exporter, from selling crude. Iran's response
is to threaten to disrupt shipments from the entire Middle East.
Yet oil prices have hardly budged. They're at $98.95, up just 12 cents since the start of year.
Just
a year ago, uprisings in far less important oil-producing countries
such as Egypt and Libya sent oil and gasoline prices to their highest
levels in three years and prompted Western nations to release millions
of barrels of oil from emergency supplies.
The reason for such calm this year: No oil has been blocked, and there's a good chance none will be.
The
U.S. and Europe want to deprive Iran of the oil income it needs to run
its government and, most importantly, fund what the West believes is an
effort to build a nuclear weapon. Last year, Iran generated $100 billion
in revenue from oil, up from $20 billion a decade ago, according to IHS
CERA, an energy consulting firm.
The European Union announced
Monday it would ban the import of Iranian crude starting in July. The
U.S. already doesn't buy Iranian oil, but last month it placed sanctions
on Iran's banks to make it harder for that nation to sell crude. The
U.S., however, has delayed implementing those sanctions for at least six
months because it is worried about sending oil prices higher at a time
when the world economy is struggling.