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Non-OPEC oil imports overshadow OPEC's hold on U.S. market: 60/40

GasBuddy Blog -- This week marks the first in which we see the Iran oil embargo in full effect. The U.S. and European Union countries have banned the purchase, transportation, financing and insurance of Iranian oil because of that country's stubborn pursuit of a nuclear program that threatens Israel and the entire Middle East.

Bloomberg reports that Iran was producing about 3.2 million barrels a day in May. Full implementation of sanctions will remove about 1 million barrels a day during the second half of 2012 as buyers disappear and Iranian storage tanks along with super tankers purchased from China become full.

Although Iran is not a significant supplier of oil to the U.S. at the same time Iran's embargo goes into effect, the U...

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Submitted Jul 02, 2012 By: PD

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car54BC Champion Author British Columbia Posts:3,327 Points:1,258,505 Joined:May 2008	Message Posted: Jul 3, 2012 11:09:43 AM Ignore car54BC Report Abuse When you have countries with a growing economy such as China and India, who are not part of this embargo, who is going to win ? Sanctions don't work.
nru Champion Author Twin Cities Posts:1,763 Points:986,080 Joined:Feb 2006	Message Posted: Jul 3, 2012 11:09:16 AM Ignore nru Report Abuse Don't worry - the Chinese will buy everything Iran produces and run the financing through their banks anyway
tomok Champion Author Portland Posts:33,090 Points:2,348,435 Joined:Aug 2006	Message Posted: Jul 3, 2012 11:09:08 AM Ignore tomok Report Abuse Iran under the microscope and gun if need be (Israel and US)! Will see what the sanctions do to Iran and IF they work or not. What countries will try to take delivery of Iranian oil and get away with it? The US is importing non OPEC oil (A good thing!), China supports OPEC! Big Oil continues to sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. 'Coming out of the closet' Barry (aka – vampire/ghost hunter) will support natural gas and oil production for sale on the world market to pay for his ‘spending gone wild’ addiction and receive the huge federal tax income from oil. Barry's economy is not improving but continues to hurt the population. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal benefit. The price at the pump needs to go down to $2/gallon, $3 to $3.50/gallon is Not the new low! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost. The price of fuel at the pump is too high! 12/22/2012!
maryph1958 Champion Author Cincinnati Posts:1,420 Points:283,095 Joined:Sep 2011	Message Posted: Jul 3, 2012 11:07:22 AM Ignore maryph1958 Report Abuse ok
flatrock14 Champion Author Michigan Posts:2,665 Points:779,705 Joined:Oct 2010	Message Posted: Jul 3, 2012 11:06:39 AM Ignore flatrock14 Report Abuse i see alot of prices going up up up
mickealo Champion Author Spokane Posts:6,177 Points:2,147,360 Joined:Oct 2006	Message Posted: Jul 3, 2012 11:06:22 AM Ignore mickealo Report Abuse and they will most likely find a way to sell on black market to someone at a good price so all embargo will do is hurt the gey at the pump with higher prices
rippertoo Champion Author Tacoma Posts:5,770 Points:1,144,760 Joined:Jan 2010	Message Posted: Jul 3, 2012 11:04:35 AM Ignore rippertoo Report Abuse "judgemobile", we have already spent trillions of dollars on two questionable wars and we don't need to spend trillions more, not to mention the thousands or maybe millions of lives, just because some hot head can't find a better way to try and stop conflict so they think war is the only answer and their first resort.
JagXKR Champion Author British Columbia Posts:3,169 Points:1,094,080 Joined:Dec 2009	Message Posted: Jul 3, 2012 11:02:14 AM Ignore JagXKR Report Abuse OPEC and all their ilk can go to hel#! Or go to Iran, same place.
bl626 All-Star Author Toledo Posts:824 Points:242,355 Joined:Feb 2011	Message Posted: Jul 3, 2012 11:02:11 AM Ignore bl626 Report Abuse that's a considerable part of the market
bicycler Champion Author Ontario Posts:14,815 Points:2,598,445 Joined:May 2005	Message Posted: Jul 3, 2012 11:01:41 AM Ignore bicycler Report Abuse evey315, and what about the end or even higher priced US oil?
VernonOR Champion Author Oregon Posts:2,925 Points:739,820 Joined:Aug 2010	Message Posted: Jul 3, 2012 11:01:20 AM Ignore VernonOR Report Abuse Good they have China and Russia on their side. Any countries that hate the USA, you can bet China and Russia will be there for them.
DrZNY Champion Author Albany Posts:2,574 Points:824,710 Joined:Jan 2009	Message Posted: Jul 3, 2012 11:00:57 AM Ignore DrZNY Report Abuse No one wins in a nuclear war.
2granny Champion Author Michigan Posts:9,590 Points:1,469,180 Joined:Apr 2009	Message Posted: Jul 3, 2012 11:00:41 AM Ignore 2granny Report Abuse old news.
BlueVanGroup Champion Author Colorado Posts:7,214 Points:1,531,320 Joined:May 2008	Message Posted: Jul 3, 2012 11:00:23 AM Ignore BlueVanGroup Report Abuse The embargo just leaves more oil for China and India.
rwrMO Champion Author Missouri Posts:2,546 Points:581,170 Joined:Jun 2011	Message Posted: Jul 3, 2012 11:00:20 AM Ignore rwrMO Report Abuse obama will cave in.
gasoutherneagle Champion Author Georgia Posts:2,249 Points:737,410 Joined:Sep 2008	Message Posted: Jul 3, 2012 10:59:44 AM Ignore gasoutherneagle Report Abuse Very Interesting! OPEC seems to be getting worried.
kst8er Champion Author St. Louis Posts:2,888 Points:1,048,910 Joined:Feb 2006	Message Posted: Jul 3, 2012 10:59:22 AM Ignore kst8er Report Abuse & just in time for the holiday...
twinfanMN Champion Author Minnesota Posts:1,634 Points:458,075 Joined:Jun 2011	Message Posted: Jul 3, 2012 10:58:46 AM Ignore twinfanMN Report Abuse This country gas enough oil if they would just go and get it.
judgemobile Champion Author Ohio Posts:7,585 Points:2,448,060 Joined:Nov 2005	Message Posted: Jul 3, 2012 10:53:28 AM Ignore judgemobile Report Abuse not only the h%^# with OPEC, but Israel needs to end the threat of Iran's nukes, since the appeaser in chief surely would rather bow down than be a leader.
jcotaxi Champion Author South Bend Posts:1,775 Points:363,005 Joined:Jun 2011	Message Posted: Jul 3, 2012 10:52:55 AM Ignore jcotaxi Report Abuse I'm sure we'll not worry about OPEC.
evey315 Sophomore Author Ohio Posts:219 Points:210,810 Joined:Feb 2012	Message Posted: Jul 3, 2012 10:52:06 AM Ignore evey315 Report Abuse Drill here... Drill now....
LaVonneK Champion Author Iowa Posts:2,955 Points:629,450 Joined:Jul 2011	Message Posted: Jul 3, 2012 10:50:24 AM Ignore LaVonneK Report Abuse Thanks for the information.
craigrm Champion Author Connecticut Posts:1,745 Points:581,805 Joined:Mar 2008	Message Posted: Jul 3, 2012 10:48:03 AM Ignore craigrm Report Abuse Sweet. Screw OPEC.
biggyhy Champion Author Milwaukee Posts:1,491 Points:477,180 Joined:Sep 2011	Message Posted: Jul 3, 2012 10:47:45 AM Ignore biggyhy Report Abuse only time will tell
sciotosix Champion Author Dayton Posts:2,764 Points:669,050 Joined:Apr 2011	Message Posted: Jul 3, 2012 10:45:49 AM Ignore sciotosix Report Abuse We'll see for how long.
vjs3 Champion Author Denver Posts:2,557 Points:652,840 Joined:Jun 2011	Message Posted: Jul 3, 2012 10:45:48 AM Ignore vjs3 Report Abuse Might place a damper on their sales, but others will still purchase...
windows7isfast Champion Author Winnipeg Posts:2,424 Points:494,175 Joined:Nov 2011	Message Posted: Jul 3, 2012 10:43:32 AM Ignore windows7isfast Report Abuse OK
UBDave Champion Author British Columbia Posts:1,217 Points:1,376,615 Joined:Oct 2008	Message Posted: Jul 3, 2012 10:43:29 AM Ignore UBDave Report Abuse Bet China and Russian won't stop buying....
Tiernan Champion Author Chicago Posts:3,495 Points:822,750 Joined:Sep 2005	Message Posted: Jul 3, 2012 10:41:33 AM Ignore Tiernan Report Abuse So, that's a GOOD thing?
pilotmass Champion Author Boston Posts:1,841 Points:505,535 Joined:Jul 2011	Message Posted: Jul 3, 2012 10:40:17 AM Ignore pilotmass Report Abuse Bet China is quite happy to talk Iranian oil.
bad_sailor Champion Author London Posts:7,793 Points:1,676,270 Joined:Dec 2007	Message Posted: Jul 3, 2012 10:40:07 AM Ignore bad_sailor Report Abuse That's nice.
Ken2OD Champion Author Grand Rapids Posts:9,087 Points:1,974,865 Joined:Dec 2005	Message Posted: Jul 3, 2012 10:37:38 AM Ignore Ken2OD Report Abuse Patrick DeHaan - Please stick to writing about gasoline issues. You really stepped into a pile of CRAP yesterday when you tried to comment on the WOOD-TV blog about Michigan's new fireworks laws and the Kentwood Catholic Church that burned down very early Sunday morning which was suspected being started by fireworks. You are less controversial writing here.
GasSpy007 Champion Author New York City Posts:1,837 Points:491,250 Joined:Nov 2011	Message Posted: Jul 3, 2012 10:37:24 AM Ignore GasSpy007 Report Abuse let's get er done..
mikesr100 Champion Author Sacramento Posts:3,907 Points:1,083,640 Joined:Apr 2008	Message Posted: Jul 3, 2012 10:35:15 AM Ignore mikesr100 Report Abuse More Drilling in North America will solve the problem! Build the Pipeline!
OOXXFF Champion Author Greensboro Posts:3,078 Points:1,082,330 Joined:Sep 2009	Message Posted: Jul 3, 2012 10:34:41 AM Ignore OOXXFF Report Abuse I hope the embargo works.
StraubeyKY Sophomore Author Kentucky Posts:230 Points:226,550 Joined:Dec 2010	Message Posted: Jul 3, 2012 10:34:19 AM Ignore StraubeyKY Report Abuse Remove our dependence on OPEC!
Gascapade Champion Author Fort Worth Posts:3,032 Points:484,630 Joined:Mar 2009	Message Posted: Jul 3, 2012 10:33:48 AM Ignore Gascapade Report Abuse Much more interested in seeing green alternatives capture a larger share of the total energy market than worrying about the corrupt, collusive, and price manipulated crude oil market...
peapaw Champion Author Ohio Posts:4,056 Points:691,695 Joined:Jun 2011	Message Posted: Jul 3, 2012 10:33:43 AM Ignore peapaw Report Abuse Persistence pays off, remember that at November's election.
LtRTH Champion Author St. Louis Posts:1,791 Points:587,950 Joined:May 2011	Message Posted: Jul 3, 2012 10:32:29 AM Ignore LtRTH Report Abuse You got the right idea ramshot. Thing is our fearless leader doesn't have the gonads to order it. I say, tell Israel to do their thing.
MarkJM Champion Author Little Rock Posts:1,450 Points:1,347,745 Joined:Oct 2005	Message Posted: Jul 3, 2012 10:30:01 AM Ignore MarkJM Report Abuse Ok, What now?
q2 Champion Author Alberta Posts:2,049 Points:383,020 Joined:Nov 2008	Message Posted: Jul 3, 2012 10:29:18 AM Ignore q2 Report Abuse just another way to artificially jack up the price of oil
ROSYMI Champion Author Michigan Posts:1,028 Points:370,550 Joined:Nov 2011	Message Posted: Jul 3, 2012 10:28:46 AM Ignore ROSYMI Report Abuse old news
fullauto Champion Author Reading Posts:5,335 Points:1,474,990 Joined:Apr 2008	Message Posted: Jul 3, 2012 10:28:40 AM Ignore fullauto Report Abuse we allowed that to happen over decades.
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Jul 3, 2012 10:28:18 AM Ignore 19sheldon43 Report Abuse Not much on the TV news about the embargo. I think there was yet another threat about a missile test over Israel
honkerman Champion Author San Jose Posts:44,381 Points:2,400,020 Joined:Jul 2004	Message Posted: Jul 3, 2012 10:27:40 AM Ignore honkerman Report Abuse Develop what we have!
DYSKYPILOT Champion Author Fort Worth Posts:2,917 Points:628,630 Joined:Mar 2006	Message Posted: Jul 3, 2012 10:27:29 AM Ignore DYSKYPILOT Report Abuse ok
H2OBurner Champion Author Utah Posts:1,944 Points:709,910 Joined:Sep 2006	Message Posted: Jul 3, 2012 10:26:47 AM Ignore H2OBurner Report Abuse k
Gas_Buzzer Champion Author South Carolina Posts:14,171 Points:2,596,315 Joined:Sep 2005	Message Posted: Jul 3, 2012 10:25:33 AM Ignore Gas_Buzzer Report Abuse Can't tell the difference 'cept I see more camels on the road.
Buck_on_Bass Champion Author Tennessee Posts:7,589 Points:1,458,985 Joined:Jul 2007	Message Posted: Jul 3, 2012 10:25:04 AM Ignore Buck_on_Bass Report Abuse Oil is produced and used globally. A big change in supply from an OPEC members will affect the prices of all producers whether they are OPEC members or not.
skybiker Champion Author South Carolina Posts:7,313 Points:1,562,440 Joined:Jul 2008	Message Posted: Jul 3, 2012 10:24:33 AM Ignore skybiker Report Abuse Drill some more and we will be free of these mid eastern theives!!....
matthwbar Champion Author Toledo Posts:4,078 Points:1,020,730 Joined:Jun 2007	Message Posted: Jul 3, 2012 10:23:30 AM Ignore matthwbar Report Abuse We're moving in the reight direction...
Bud122CA Champion Author California Posts:7,481 Points:1,608,025 Joined:Jul 2008	Message Posted: Jul 3, 2012 10:23:22 AM Ignore Bud122CA Report Abuse Get away from OPEC and America needs to be independent of all foreign oil.