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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:2,529 Points:445,200 Joined:Jan 2010	Message Posted: Jul 7, 2012 4:24:00 PM Ignore Gas4Gore Report Abuse Okay America, let us make this stat 70% - 30%
stonecold5005 All-Star Author Waco Posts:819 Points:20,605 Joined:Mar 2012	Message Posted: Jul 7, 2012 8:01:44 AM Ignore stonecold5005 Report Abuse good
jlf599 Veteran Author Kentucky Posts:339 Points:126,925 Joined:May 2012	Message Posted: Jul 7, 2012 12:38:31 AM Ignore jlf599 Report Abuse Good question, CapriceWagon...just seems odd.
CapriceWagon Champion Author Washington Posts:1,014 Points:503,845 Joined:Feb 2008	Message Posted: Jul 6, 2012 1:32:10 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:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Jul 6, 2012 9:26:00 AM Ignore albert2008 Report Abuse we dont need them
1006 Champion Author Birmingham Posts:1,106 Points:1,371,110 Joined:Apr 2008	Message Posted: Jul 6, 2012 6:54:03 AM Ignore 1006 Report Abuse there is plenty of oil on this continent, we just let them dictate the $
albert2008 Champion Author Winnipeg Posts:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Jul 4, 2012 9:09:57 AM Ignore albert2008 Report Abuse hope it works
viperND Champion Author South Bend Posts:3,457 Points:763,640 Joined:Apr 2011	Message Posted: Jul 3, 2012 11:20:40 PM Ignore viperND Report Abuse :/
Cheepo Champion Author Tampa Posts:9,994 Points:3,148,880 Joined:Apr 2003	Message Posted: Jul 3, 2012 4:18:09 PM Ignore Cheepo Report Abuse Tell barrack hussein to drill here and now, drill baby drill!!!!!!!!!
snappytom2 Champion Author Corpus Christi Posts:3,639 Points:279,280 Joined:Jul 2008	Message Posted: Jul 3, 2012 3:26:23 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:2,284 Points:1,226,490 Joined:Jan 2009	Message Posted: Jul 3, 2012 2:55:17 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:3,446 Points:779,165 Joined:Mar 2011	Message Posted: Jul 3, 2012 1:53:21 PM Ignore DutchTreatMI Report Abuse Will this really do any good?
jimbo1867 Champion Author Arizona Posts:5,517 Points:2,083,225 Joined:Apr 2005	Message Posted: Jul 3, 2012 1:47:15 PM Ignore jimbo1867 Report Abuse say NO to iran
MTPokts Champion Author Indianapolis Posts:2,280 Points:787,390 Joined:Jul 2008	Message Posted: Jul 3, 2012 1:42:53 PM Ignore MTPokts Report Abuse Japan still buying from them.
livewire300 Champion Author South Carolina Posts:3,515 Points:173,185 Joined:Jun 2011	Message Posted: Jul 3, 2012 1:41:44 PM Ignore livewire300 Report Abuse uh...
SUV2009 Champion Author Orlando Posts:4,488 Points:1,165,240 Joined:Oct 2009	Message Posted: Jul 3, 2012 1:41:26 PM Ignore SUV2009 Report Abuse Okay
unicornpmb Champion Author Buffalo Posts:8,631 Points:1,657,215 Joined:Sep 2005	Message Posted: Jul 3, 2012 1:40:00 PM Ignore unicornpmb Report Abuse That's too bad.
suzyq2007 Champion Author Dallas Posts:7,296 Points:1,675,700 Joined:Oct 2007	Message Posted: Jul 3, 2012 1:39:53 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:2,080 Points:408,270 Joined:Apr 2012	Message Posted: Jul 3, 2012 1:38:02 PM Ignore NDQ Report Abuse ok
Barfood Champion Author St. Louis Posts:3,368 Points:1,036,675 Joined:Jun 2009	Message Posted: Jul 3, 2012 1:37:38 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:2,700 Points:633,085 Joined:Aug 2011	Message Posted: Jul 3, 2012 1:37:06 PM Ignore Double_Golden Report Abuse ok
sparky808 Champion Author Honolulu Posts:3,144 Points:625,660 Joined:Sep 2011	Message Posted: Jul 3, 2012 1:36:18 PM Ignore sparky808 Report Abuse Thank you for posting.
Gramps001 Champion Author North Carolina Posts:5,993 Points:1,386,895 Joined:Feb 2007	Message Posted: Jul 3, 2012 1:35:58 PM Ignore Gramps001 Report Abuse DITTO.
idigau22 Champion Author Washington Posts:23,609 Points:3,229,585 Joined:Apr 2003	Message Posted: Jul 3, 2012 1:34:30 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:2,120 Points:712,445 Joined:May 2010	Message Posted: Jul 3, 2012 1:32:33 PM Ignore Settjec Report Abuse Yes indeed!
Go_E85 Champion Author Orange County Posts:2,364 Points:181,880 Joined:Dec 2007	Message Posted: Jul 3, 2012 1:31:17 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 1:30:32 PM Ignore uptherefiners Report Abuse 99/1 would be better
trojan78 Sophomore Author North Carolina Posts:105 Points:133,700 Joined:Jun 2004	Message Posted: Jul 3, 2012 1:29:55 PM Ignore trojan78 Report Abuse ok
bcfuelsaver Champion Author Vancouver Posts:1,623 Points:246,270 Joined:Jul 2011	Message Posted: Jul 3, 2012 1:29:13 PM Ignore bcfuelsaver Report Abuse ok
Fish167 Champion Author North Carolina Posts:4,125 Points:2,506,490 Joined:Aug 2005	Message Posted: Jul 3, 2012 1:28:30 PM Ignore Fish167 Report Abuse ok
THX138 Champion Author San Francisco Posts:2,653 Points:1,038,890 Joined:Apr 2010	Message Posted: Jul 3, 2012 1:27:52 PM Ignore THX138 Report Abuse So what? Et alors?
Point__man Champion Author Raleigh Posts:4,477 Points:905,395 Joined:Oct 2010	Message Posted: Jul 3, 2012 1:25:38 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:1,821 Points:365,915 Joined:Jun 2012	Message Posted: Jul 3, 2012 1:25:22 PM Ignore pmanning7843 Report Abuse ok
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: Jul 3, 2012 1:23:58 PM Ignore NoStrings Report Abuse open it up
oldiesman Champion Author New York Posts:6,566 Points:2,221,590 Joined:May 2006	Message Posted: Jul 3, 2012 1:23:47 PM Ignore oldiesman Report Abuse That for real?
amayne11 Champion Author Vancouver Posts:1,839 Points:526,535 Joined:Nov 2011	Message Posted: Jul 3, 2012 1:23:30 PM Ignore amayne11 Report Abuse I like Van_halen's comment
MahopacJack Champion Author New York Posts:8,081 Points:1,605,310 Joined:Feb 2008	Message Posted: Jul 3, 2012 1:22:26 PM Ignore MahopacJack Report Abuse Must be a slow news day. This is from yesterday.
Algernon Champion Author Greensboro Posts:3,190 Points:785,145 Joined:May 2004	Message Posted: Jul 3, 2012 1:20:53 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:5,401 Points:1,174,280 Joined:Jan 2010	Message Posted: Jul 3, 2012 1:20:41 PM Ignore dacofa Report Abuse oh well
dave1745 Champion Author Gary Posts:1,263 Points:762,795 Joined:Dec 2010	Message Posted: Jul 3, 2012 1:19:56 PM Ignore dave1745 Report Abuse hmm
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Jul 3, 2012 1:18:15 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:809 Points:499,605 Joined:Nov 2010	Message Posted: Jul 3, 2012 1:15:22 PM Ignore jbrad4 Report Abuse No OPEC oil for U.S.
ironbox_sara Champion Author Albany Posts:9,732 Points:2,266,455 Joined:Mar 2006	Message Posted: Jul 3, 2012 1:12:52 PM Ignore ironbox_sara Report Abuse Screw OPEC.
ace12012 Champion Author Phoenix Posts:1,805 Points:350,060 Joined:Apr 2012	Message Posted: Jul 3, 2012 1:09:39 PM Ignore ace12012 Report Abuse read it before.
Rt118E Champion Author Pennsylvania Posts:9,636 Points:1,396,945 Joined:Jun 2009	Message Posted: Jul 3, 2012 1:06:38 PM Ignore Rt118E Report Abuse About time we get away from Arab oil
rick_evans Champion Author Boston Posts:3,862 Points:1,058,800 Joined:Aug 2005	Message Posted: Jul 3, 2012 12:59:59 PM Ignore rick_evans Report Abuse ok
bluebird1 Champion Author Toronto Posts:15,874 Points:3,134,850 Joined:May 2004	Message Posted: Jul 3, 2012 12:59:41 PM Ignore bluebird1 Report Abuse Could be even less from OPEC ....I'm with Van_halen on this one!!!
rodzilla123 Champion Author San Diego Posts:4,540 Points:1,062,045 Joined:Jul 2008	Message Posted: Jul 3, 2012 12:57:46 PM Ignore rodzilla123 Report Abuse Old Post, commented on it Yesterday.
Van_Halen Champion Author Atlanta Posts:2,959 Points:667,045 Joined:Apr 2011	Message Posted: Jul 3, 2012 12:57:41 PM 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 12:56:44 PM Ignore Susieq60 Report Abuse interesting