The U.N. Security Council would be hurting the world more than it was hurting Iran if it restricted Iranian oil exports. The United Nations might restrict other Iranian exports or limit Iranian imports of military equipment, but I don't see the U.N. Security Council imposing sanctions on Iranian oil.
More Quotes from John Lichtblau:
People are waiting in line for hours to get gasoline in Venezuela. This is the first time the country has to import gasoline in order to meet its domestic demand.John Lichtblau
The price gain is entirely psychological. Nothing has been done. Saddam Hussein advocated the use of Arab oil exports as an instrument to influence the Arab-Israeli situation, but he himself is not in a position to do anything about this, and there's no indication that other Arabs will go along with this.
John Lichtblau
This is a major industry in Russia.
John Lichtblau
While the price is high compared to last year, it's still low in real dollar terms compared to what it was. Adjusted for inflation this is by no means a record price.
John Lichtblau
This is such a competitive industry that even with fewer players, it will still be very competitive.
John Lichtblau
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