Iran Embargo May Speed Refinery Closures

The European Union’s embargo on Iranian oil threatens to accelerate refinery closures in Europe, the head of Italy’s refiners’ lobby said.

“Asian countries not applying the embargo could buy the Iranian oil at a discount and sell cheap refined products back to us,” Piero De Simone, general manager of Unione Petrolifera, said in an interview in Rome yesterday. “Italy already risks the closure of five refineries and at a European level we’re talking about 70 possible shut downs.”

Webmaster's Commentary: 

All the US/EU oil embargo against Iran can do is wreck the already fragile economies of the US and EU. China has already contracted for additional supertankers to bring more of Iran's oil to China, to power their manufacturing growth (and re-sell refined products back to Europe at a huge profit). This is why the US and EU, having hoisted on their own petard/embargo, have to find an excuse to blitzkrieg Iran and take the oil fields, while making it look like Iran's fault, to forestall Russia and China entering the war on Iran's side.

Posted on Jan 25, 2012 at 09:13
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