Saturday October 30, 2010

I've Been Thinking:

Things are changing in Iran and the Iranians could not be happier. Unfortunately, what is good for Iran is not necessarily good for the West.

It's official. It's been confirmed that Iran has begun exporting gasoline. In fact, $36 million worth of gasoline was recently exported from Iran to Afghanistan and Armenia.

I reported the original announcement out of Iran several months ago, but at that time the story was still unconfirmed. I discussed Iran's plans to open new refineries and to update old ones. And I reported Iran's decision to move into the realm of gas exporting.

This news shows us that Iran has made the conversion successfully and will now be oil independent. Not long ago Iran imported 40%-50% of its gasoline because they could not refine it. Today they are not only refining they are exporting.

The oil embargo on Iran, while not quit a moot point yet, now has very little efficacy.

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