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Oil sanctions: Trump orders exemptions removed for China, India, and other countries who trade with Iran (1 Viewer)

timschochet

timschochet

Footballguy
https://www.bbc.com/news/world-middle-east-48011496

This is very big news that is likely to affect the average American much more quickly and directly than everything else going on these days.

So after we pulled out of the Iran agreement, Trump threatened to punish any nation who still imported oil from Iran. However, at the urging of American and world economists, he granted "temporary" exemptions for China, India, South Korea, and a few others; the fear being that sanctions on these nations would both disrupt the world's economy and drive up the price of oil.

Now, without warning, he has removed these exemptions. Perhaps as a distraction? Whatever the reason, the market was caught unprepared. So were our allies. So was China and India. Turkey immediately announced a plan (perhaps in the works for some time?) to replace the purchase of Iranian oil with a currency other than US dollars (all oil is bought and sold using US currency.)

The predicted result is chaos. It is expected that China will defy Trump. It is also expected that the price of American gasoline, already increasing steadily, is going to skyrocket, especially with what has been happening in Venezuela as well. We're already in couple of trade wars; welcome to the oil war!

 
It's almost as if every fly-by-the-seat-of-his-pants decision he makes is ultimately bad for American people. Wonder why?

 
with the USA exporting now more than ever .... couldn't we off-set any production/import issues with our own oil ?

as bad as Iran is with human rights (women and LGBT) I can't believe liberals are not happy with this move to hurt Iran ? 

 
Stealthycat said:
with the USA exporting now more than ever .... couldn't we off-set any production/import issues with our own oil ?

as bad as Iran is with human rights (women and LGBT) I can't believe liberals are not happy with this move to hurt Iran ? 
Click to expand...
And who do we hurt exactly? Oh yeah the people. And for what? Oh yeah Fox told Trump the Iran nuclear deal was bad. Never mind it was working and they were in complete compliance. So no I doubt liberals are happy with this. And really suddenly the GOP cares about human rights? You are going to shocked, shocked I say, to learn we support some of the worst offenders on earth. Trump loves to glad hand them and say how great they are.  This isn't about human rights this is just dumb.

 
So not only did the middle class tax cut that he promised would happen days before the midterms never materialize, now the so called middle class tax cut that he said he gave us by lowering gas prices is also going away??  So much winning!!

 
timschochet said:
https://www.bbc.com/news/world-middle-east-48011496

This is very big news that is likely to affect the average American much more quickly and directly than everything else going on these days.

So after we pulled out of the Iran agreement, Trump threatened to punish any nation who still imported oil from Iran. However, at the urging of American and world economists, he granted "temporary" exemptions for China, India, South Korea, and a few others; the fear being that sanctions on these nations would both disrupt the world's economy and drive up the price of oil.

Now, without warning, he has removed these exemptions. Perhaps as a distraction? Whatever the reason, the market was caught unprepared. So were our allies. So was China and India. Turkey immediately announced a plan (perhaps in the works for some time?) to replace the purchase of Iranian oil with a currency other than US dollars (all oil is bought and sold using US currency.)

The predicted result is chaos. It is expected that China will defy Trump. It is also expected that the price of American gasoline, already increasing steadily, is going to skyrocket, especially with what has been happening in Venezuela as well. We're already in couple of trade wars; welcome to the oil war!
Click to expand...
As a oil stock owner this is good news!

 
timschochet said:
The predicted result is chaos. It is expected that China will defy Trump. It is also expected that the price of American gasoline, already increasing steadily, is going to skyrocket, especially with what has been happening in Venezuela as well. We're already in couple of trade wars; welcome to the oil war!
Click to expand...
The US, as the world's leading oil supplier, has plenty of excess capacity to take up the slack in the world market.  SA does, as well.  We're close to or maybe even slightly past peak oil, so the thought that we have to fill a declining need is also comforting.

The sky is not falling.  Nor is it cats and dogs chaos.

If there was any country that we could magically wall off and isolate from the rest of the boys and girls, it would be Iran.  They're an incredibly bad actor and punishing their misdeeds (you know, the opposite of sending them planeloads of cash) is a good thing.

 
Sand said:
The US, as the world's leading oil supplier, has plenty of excess capacity to take up the slack in the world market.  SA does, as well.  We're close to or maybe even slightly past peak oil, so the thought that we have to fill a declining need is also comforting.

The sky is not falling.  Nor is it cats and dogs chaos.

If there was any country that we could magically wall off and isolate from the rest of the boys and girls, it would be Iran.  They're an incredibly bad actor and punishing their misdeeds (you know, the opposite of sending them planeloads of cash) is a good thing.
Click to expand...
Except we scrapped an accord that by all accounts, except Fox news, was working and being followed properly. There is no reason for all this. Its stupid and counterproductive. It also calls into question every agreement we make going forward. We are the bad actors here.

 
Sand said:
The US, as the world's leading oil supplier, has plenty of excess capacity to take up the slack in the world market.  SA does, as well.  We're close to or maybe even slightly past peak oil, so the thought that we have to fill a declining need is also comforting.

The sky is not falling.  Nor is it cats and dogs chaos.

If there was any country that we could magically wall off and isolate from the rest of the boys and girls, it would be Iran.  They're an incredibly bad actor and punishing their misdeeds (you know, the opposite of sending them planeloads of cash) is a good thing.
Click to expand...
Iran complied with all requirements set forth to have their seized money returned. It was their money that we had seized. We gave it back. It wasn't ours to begin with. Stop implying that the US just up and handed over taxpayer money to Iran. We did not.

 
Sand said:
The US, as the world's leading oil supplier, has plenty of excess capacity to take up the slack in the world market.  SA does, as well.  We're close to or maybe even slightly past peak oil, so the thought that we have to fill a declining need is also comforting.

The sky is not falling.  Nor is it cats and dogs chaos.

If there was any country that we could magically wall off and isolate from the rest of the boys and girls, it would be Iran.  They're an incredibly bad actor and punishing their misdeeds (you know, the opposite of sending them planeloads of cash) is a good thing.
Click to expand...
It was largely a ransom payment if I recall.  Obama denied it, but the hostages were released the same day.  That’s one hell of a coincidence.

 
jonessed said:
It was largely a ransom payment if I recall.  Obama denied it, but the hostages were released the same day.  That’s one hell of a coincidence.
Click to expand...


Ruffrodys05 said:
Iran complied with all requirements set forth to have their seized money returned. It was their money that we had seized. We gave it back. It wasn't ours to begin with. Stop implying that the US just up and handed over taxpayer money to Iran. We did not.
Click to expand...
NM GB. The State News talking points are strong with some posters

 
Ruffrodys05 said:
Iran complied with all requirements set forth to have their seized money returned. It was their money that we had seized. We gave it back. It wasn't ours to begin with. Stop implying that the US just up and handed over taxpayer money to Iran. We did not.
Click to expand...
It's not the cash at issue, it was how that money was ultimately used.  We knew what it would be used for going in and we still did it.  Terrorism, torture, involvement in Syria.  We enabled massive human suffering giving that money back.  That it was "theirs" in this case is irrelevant.  One doesn't give a binging heroin addict a pound of the stuff, either, regardless of ownership.

We should have taken that money, buried it in the middle of the Pentagon, and invited Iran to come over to retrieve it.

jonessed said:
It was largely a ransom payment if I recall.  Obama denied it, but the hostages were released the same day.  That’s one hell of a coincidence.
Click to expand...
It was a ransom payment.  He put a very high price on American hostages that day.

msommer said:
NM GB. The State News talking points are strong with some posters
Click to expand...
Absolutely.  The blue team owns the news outlets (sans 1 or 2) and the comments here reflect that.

 
boots11234 said:
yak651 said:
So not only did the middle class tax cut that he promised would happen days before the midterms never materialize, now the so called middle class tax cut that he said he gave us by lowering gas prices is also going away??  So much winning!!
Click to expand...
US crude plunges 2.9%, settling at $63.30, after Trump says he told OPEC to tame fuel costs. 

https://www.cnbc.com/2019/04/26/oil-market-opec-output-rises-us-sanctions-on-iranian-oil-in-focus.html

yup  so much winning!!
Click to expand...
Oil rigs are being shut down and gas prices are up 25% since January.

That's bad for the economy on two fronts: fewer jobs and higher consumer costs.

 
boots11234 said:
Guess you didn’t see this months GDP.   Oh it’s summer FYI gas always goes up in summer. YVW
Click to expand...
:lol:

It's mid-spring.

If you had bothered to read the handy chart that I posted, you would have known that gas prices held steady last spring and in the spring of 2017.

The 3.2% GDP is nice but well below of what Trump promised.

3.2% won't pay for Trump's reckless spending.

 
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