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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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Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Jul 7, 2012 3:24:00 PM Ignore Gas4Gore Report Abuse Okay America, let us make this stat 70% - 30%
stonecold5005 All-Star Author Waco Posts:817 Points:20,240 Joined:Mar 2012	Message Posted: Jul 7, 2012 7:01:44 AM Ignore stonecold5005 Report Abuse good
jlf599 Veteran Author Kentucky Posts:339 Points:126,925 Joined:May 2012	Message Posted: Jul 6, 2012 11:38:31 PM Ignore jlf599 Report Abuse Good question, CapriceWagon...just seems odd.
CapriceWagon All-Star Author Washington Posts:944 Points:480,045 Joined:Feb 2008	Message Posted: Jul 6, 2012 12:32:10 PM Ignore CapriceWagon Report Abuse why are we importing oil while we export oil? wouldn't it be cheaper just to keep the oil here?
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: Jul 6, 2012 8:26:00 AM Ignore albert2008 Report Abuse we dont need them
1006 Champion Author Birmingham Posts:1,105 Points:1,355,190 Joined:Apr 2008	Message Posted: Jul 6, 2012 5:54:03 AM Ignore 1006 Report Abuse there is plenty of oil on this continent, we just let them dictate the $
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: Jul 4, 2012 8:09:57 AM Ignore albert2008 Report Abuse hope it works
viperND Champion Author South Bend Posts:3,315 Points:736,915 Joined:Apr 2011	Message Posted: Jul 3, 2012 10:20:40 PM Ignore viperND Report Abuse :/
Cheepo Champion Author Tampa Posts:9,889 Points:3,128,005 Joined:Apr 2003	Message Posted: Jul 3, 2012 3:18:09 PM Ignore Cheepo Report Abuse Tell barrack hussein to drill here and now, drill baby drill!!!!!!!!!
snappytom2 Champion Author Corpus Christi Posts:3,556 Points:274,995 Joined:Jul 2008	Message Posted: Jul 3, 2012 2:26:23 PM Ignore snappytom2 Report Abuse We do not suffer from not having Iranian oil. We suffer from having untreated speculatoritis.
GatorGuy Champion Author Columbia Posts:2,233 Points:1,208,220 Joined:Jan 2009	Message Posted: Jul 3, 2012 1:55:17 PM Ignore GatorGuy Report Abuse Good, I just hope we don't suffer in the meantime with higher prices.
DutchTreatMI Champion Author Grand Rapids Posts:3,315 Points:752,665 Joined:Mar 2011	Message Posted: Jul 3, 2012 12:53:21 PM Ignore DutchTreatMI Report Abuse Will this really do any good?
jimbo1867 Champion Author Arizona Posts:5,382 Points:2,056,500 Joined:Apr 2005	Message Posted: Jul 3, 2012 12:47:15 PM Ignore jimbo1867 Report Abuse say NO to iran
MTPokts Champion Author Indianapolis Posts:2,280 Points:776,290 Joined:Jul 2008	Message Posted: Jul 3, 2012 12:42:53 PM Ignore MTPokts Report Abuse Japan still buying from them.
livewire300 Champion Author South Carolina Posts:3,380 Points:166,710 Joined:Jun 2011	Message Posted: Jul 3, 2012 12:41:44 PM Ignore livewire300 Report Abuse uh...
SUV2009 Champion Author Orlando Posts:4,418 Points:1,144,190 Joined:Oct 2009	Message Posted: Jul 3, 2012 12:41:26 PM Ignore SUV2009 Report Abuse Okay
unicornpmb Champion Author Buffalo Posts:8,496 Points:1,630,490 Joined:Sep 2005	Message Posted: Jul 3, 2012 12:40:00 PM Ignore unicornpmb Report Abuse That's too bad.
suzyq2007 Champion Author Dallas Posts:7,174 Points:1,651,900 Joined:Oct 2007	Message Posted: Jul 3, 2012 12:39:53 PM Ignore suzyq2007 Report Abuse this is good that we are not giving them our money. I am sure there is other oil that we can buy, or we could drill our own
NDQ Champion Author Maryland Posts:1,991 Points:390,380 Joined:Apr 2012	Message Posted: Jul 3, 2012 12:38:02 PM Ignore NDQ Report Abuse ok
Barfood Champion Author St. Louis Posts:3,306 Points:1,018,655 Joined:Jun 2009	Message Posted: Jul 3, 2012 12:37:38 PM Ignore Barfood Report Abuse This will end up driving up prices because buyers are going to have to buy from other sources.
Double_Golden Champion Author San Francisco Posts:2,565 Points:606,360 Joined:Aug 2011	Message Posted: Jul 3, 2012 12:37:06 PM Ignore Double_Golden Report Abuse ok
sparky808 Champion Author Honolulu Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: Jul 3, 2012 12:36:18 PM Ignore sparky808 Report Abuse Thank you for posting.
Gramps001 Champion Author North Carolina Posts:5,862 Points:1,366,365 Joined:Feb 2007	Message Posted: Jul 3, 2012 12:35:58 PM Ignore Gramps001 Report Abuse DITTO.
idigau22 Champion Author Washington Posts:23,417 Points:3,202,960 Joined:Apr 2003	Message Posted: Jul 3, 2012 12:34:30 PM Ignore idigau22 Report Abuse Remember! Obama took a rose and bowed down to the Iran Terrorist leader Imanutjob. Thank goodness this show of coward weakness will end in November!!!!
Settjec Champion Author Little Rock Posts:1,984 Points:688,720 Joined:May 2010	Message Posted: Jul 3, 2012 12:32:33 PM Ignore Settjec Report Abuse Yes indeed!
Go_E85 Champion Author Orange County Posts:2,234 Points:174,805 Joined:Dec 2007	Message Posted: Jul 3, 2012 12:31:17 PM Ignore Go_E85 Report Abuse going in the right direction.
uptherefiners Champion Author Chicago Posts:5,048 Points:1,002,000 Joined:Jun 2006	Message Posted: Jul 3, 2012 12:30:32 PM Ignore uptherefiners Report Abuse 99/1 would be better
trojan78 Sophomore Author North Carolina Posts:105 Points:133,250 Joined:Jun 2004	Message Posted: Jul 3, 2012 12:29:55 PM Ignore trojan78 Report Abuse ok
bcfuelsaver Champion Author Vancouver Posts:1,623 Points:246,270 Joined:Jul 2011	Message Posted: Jul 3, 2012 12:29:13 PM Ignore bcfuelsaver Report Abuse ok
Fish167 Champion Author North Carolina Posts:3,989 Points:2,479,765 Joined:Aug 2005	Message Posted: Jul 3, 2012 12:28:30 PM Ignore Fish167 Report Abuse ok
THX138 Champion Author San Francisco Posts:2,565 Points:1,015,880 Joined:Apr 2010	Message Posted: Jul 3, 2012 12:27:52 PM Ignore THX138 Report Abuse So what? Et alors?
Point__man Champion Author Raleigh Posts:4,340 Points:878,670 Joined:Oct 2010	Message Posted: Jul 3, 2012 12:25:38 PM Ignore Point__man Report Abuse Wonder if their remaining and new customers aren't making up for their losses from previous customers in increased demand ;) In a Global market, possibly the demand remains the same as the players change their options.
pmanning7843 Champion Author Georgia Posts:1,686 Points:339,190 Joined:Jun 2012	Message Posted: Jul 3, 2012 12:25:22 PM Ignore pmanning7843 Report Abuse ok
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: Jul 3, 2012 12:23:58 PM Ignore NoStrings Report Abuse open it up
oldiesman Champion Author New York Posts:6,437 Points:2,195,760 Joined:May 2006	Message Posted: Jul 3, 2012 12:23:47 PM Ignore oldiesman Report Abuse That for real?
amayne11 Champion Author Vancouver Posts:1,757 Points:500,870 Joined:Nov 2011	Message Posted: Jul 3, 2012 12:23:30 PM Ignore amayne11 Report Abuse I like Van_halen's comment
MahopacJack Champion Author New York Posts:8,015 Points:1,583,925 Joined:Feb 2008	Message Posted: Jul 3, 2012 12:22:26 PM Ignore MahopacJack Report Abuse Must be a slow news day. This is from yesterday.
Algernon Champion Author Greensboro Posts:3,190 Points:783,995 Joined:May 2004	Message Posted: Jul 3, 2012 12:20:53 PM Ignore Algernon Report Abuse Need to drill here and drill now. To do that, VOTE OBAMA OUT IN 2012!!!!! [Edited by: Algernon at 7/3/2012 1:21:15 PM EST]
dacofa Champion Author Nevada Posts:5,375 Points:1,150,610 Joined:Jan 2010	Message Posted: Jul 3, 2012 12:20:41 PM Ignore dacofa Report Abuse oh well
dave1745 Champion Author Gary Posts:1,262 Points:739,000 Joined:Dec 2010	Message Posted: Jul 3, 2012 12:19:56 PM Ignore dave1745 Report Abuse hmm
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Jul 3, 2012 12:18:15 PM Ignore LostToo Report Abuse Yes! This should work... Just look how well the embargo worked on Cuba. Forty plus years of embargo and that country never folded. Just how are we going to hurt them by not buying oil that we never intended to buy in the first place? If anybody is going to fold, it's the EU. What a waste of time and resources. Just let Israel go in and blow it up. That is where it's heading anyway.
jbrad4 All-Star Author Dallas Posts:801 Points:477,295 Joined:Nov 2010	Message Posted: Jul 3, 2012 12:15:22 PM Ignore jbrad4 Report Abuse No OPEC oil for U.S.
ironbox_sara Champion Author Albany Posts:9,596 Points:2,239,730 Joined:Mar 2006	Message Posted: Jul 3, 2012 12:12:52 PM Ignore ironbox_sara Report Abuse Screw OPEC.
ace12012 Champion Author Phoenix Posts:1,675 Points:325,885 Joined:Apr 2012	Message Posted: Jul 3, 2012 12:09:39 PM Ignore ace12012 Report Abuse read it before.
Rt118E Champion Author Pennsylvania Posts:9,493 Points:1,369,245 Joined:Jun 2009	Message Posted: Jul 3, 2012 12:06:38 PM Ignore Rt118E Report Abuse About time we get away from Arab oil
rick_evans Champion Author Boston Posts:3,729 Points:1,034,685 Joined:Aug 2005	Message Posted: Jul 3, 2012 11:59:59 AM Ignore rick_evans Report Abuse ok
bluebird1 Champion Author Toronto Posts:15,737 Points:3,109,015 Joined:May 2004	Message Posted: Jul 3, 2012 11:59:41 AM Ignore bluebird1 Report Abuse Could be even less from OPEC ....I'm with Van_halen on this one!!!
rodzilla123 Champion Author San Diego Posts:4,405 Points:1,035,340 Joined:Jul 2008	Message Posted: Jul 3, 2012 11:57:46 AM Ignore rodzilla123 Report Abuse Old Post, commented on it Yesterday.
Van_Halen Champion Author Atlanta Posts:2,850 Points:642,730 Joined:Apr 2011	Message Posted: Jul 3, 2012 11:57:41 AM Ignore Van_Halen Report Abuse . HELLO! There is absolutely no need to import any Oil other then from Mexico and Canada. Between the three there is enough Oil to last OVER 250 years at 2006/2007 consumption levels! We should drill for the Oil we have and ban imports which would lead to Dollar Gasoline as the OPEC price of Oil plummets!
Susieq60 All-Star Author Columbus Posts:969 Points:128,915 Joined:Sep 2011	Message Posted: Jul 3, 2012 11:56:44 AM Ignore Susieq60 Report Abuse interesting