This article emphasizes the fact that Iran has taken and successfully implement nuclear technology as an energy source. This leaves the rest of the world (especially the US) paranoid about the development of nuclear weapons, even though Iran claims it only seeks reactors for energy and medical research. Also, President Mahmoud Ahmadinejad discusses the first Iranian made fuel rod for the nuclear reactor. He says later on, "I hope we reach the point where we will be able to meet all our nuclear needs inside the country so we won't need to extend our hand before others, specifically before the world's dastardly people." Also, the U.S. and EU have tried to rein in Iran's nuclear program with new boycotts and banking restrictions targeting Iran's crucial oil exports because it accounts for about 80% of the country's foreign revenue. So, the Obama administration is now considering seeking Iran's removal from SWIFT, which is an independent financial clearinghouse that is crucial to the country's overseas oil sales. This move could push oil prices higher and undercut fragile Western economies.
There has been a whole lot global controversy since Iran has been pushing for nuclear testing. This further magnifies the oil situation: there is not enough oil left. Oil is a vital natural resource that plays a big role in the global economy due to the wide usage of oil. The fact that Iran has threatened retaliation for any attacks or effective bans on its oil exports, means that it could seal off the Strait of Hormuz which is used by a third of the world's crude oil tankers. This would cause oil prices to sky-rocket even more since the supply is restricted and therefore creating a shortage. While I agree that Iran is attempting to switch its energy source from oil to nuclear with clear and legitimate reasons, there is still some ambiguity about Iran producing nuclear weapons. The process by which the nuclear fuel rods are made yields about a 90% purity that could be used for nuclear warheads. This could leave the Arab-Israeli conflict more complicated than ever, seeing that Iran and Israel are already blaming each other for clandestine attacks. There is a lot more going on between these countries as well as the Obama administration that may never get published, at least for now.
http://www.usatoday.com/news/world/story/2012-02-15/iran-oil-export-cuts/53100254/1
There has been a whole lot global controversy since Iran has been pushing for nuclear testing. This further magnifies the oil situation: there is not enough oil left. Oil is a vital natural resource that plays a big role in the global economy due to the wide usage of oil. The fact that Iran has threatened retaliation for any attacks or effective bans on its oil exports, means that it could seal off the Strait of Hormuz which is used by a third of the world's crude oil tankers. This would cause oil prices to sky-rocket even more since the supply is restricted and therefore creating a shortage. While I agree that Iran is attempting to switch its energy source from oil to nuclear with clear and legitimate reasons, there is still some ambiguity about Iran producing nuclear weapons. The process by which the nuclear fuel rods are made yields about a 90% purity that could be used for nuclear warheads. This could leave the Arab-Israeli conflict more complicated than ever, seeing that Iran and Israel are already blaming each other for clandestine attacks. There is a lot more going on between these countries as well as the Obama administration that may never get published, at least for now.
http://www.usatoday.com/news/world/story/2012-02-15/iran-oil-export-cuts/53100254/1
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