Iran Sanctions Will Hurt, But Who?
The Obama administration has thus far managed to successfully tighten the economic screws on Iran and now they've apparently convinced the Europeans to do the same. Now, based on the chart above via the Wall Street Journal, it's clear that this is a move that will deal another major blow to the Iranian economy. Obviously the next step for the administration is to convince Asian governments to similarly restrict Iranian oil exports, since they are the countries most likely to pick up the slack in European demand. But to do that, the U.S. will have to some plausible alternative to Iranian oil to fuel Asian economies.
Where is that oil going to come from?
