Posted 4 years ago on Feb. 25, 2012, 6:30 p.m. EST by owsleader2013
This content is user submitted and not an official statement
What has been rumored last week has finally happened. Iran has become the aggressor in the oil embargo sanctions structured by the US, UK and Europe. The coming ban was to begin July 1, 2012.
Iran has halted sales of crude oil to French and British buyers. Iran will sell its crude to new customers. This action will tend to put upward pressure on oil prices. That means higher gas and diesel prices that the world consumer gets to pay for as a result of foolish US foreign policy. This is the result of Iran selling oil in currencies other than the dollar, which undermines the value and predominance of the US petrodollar. In addition, Iran has threatened to halt shipments to Greece, Italy, Spain, Portugal and the Netherlands. The EU constitutes 18% of Iran’s exports of crude oil. In the event European deliveries are shut down by Iran the EU countries have a 4-month supply as a backup. China currently purchases 22% of Iran’s oil exports. We believe the US has shot itself in the foot using these so-called sanctions, which as you can see have already been neutralized.
Once the Oil Country's finally see a country NOT accept US dollars for oil, then everything will fold. Once the USA has cannot buy oil in dollars, they'll have to sell USA assets ( think Yosemite, ... or any public land ), to raise up the gold required to purchase oil.
The USA has been printing 'free-paper-money' since the 1970's, and now its game-over.