This page has been archived and commenting is disabled.

Iran Turns Embargo Tables: To Pass Law Halting All Crude Exports To Europe

Tyler Durden's picture




 

In what is likely a long overdue move, Iran has finally decided to give Europe a harsh lesson in game theory. Instead of letting Euro-area politicians score brownie points at its expense by threatening to halt imports and cut off the Iranian economy, the Iranian government will instead propose a bill calling for an immediate halt to oil deliveries to Europe. The move, with most reports citing the Iranian news agency Mehr, has come about in response to the EU agreement to impose sanctions against Iran, which were announced earlier this week. And why not? After all if Europe is indeed serious, sooner or later Iran will be cut off but in the meantime experience significant policy uncertainty, which is precisely what the flipflops on the ground need. The one thing that Europe, however is forgetting, is that all that whopping 0.8 Mb/d in imports will simply find a new buyer.Quickly.

So with China, India and Russia already having bilateral agreements with Iran in place, we are confident that said buyer will have a contract signed, sealed and delivered within an hour of the proposed bill's passage. Furthermore, as SocGen speculated, the fact that Europe will be even more bottlenecked in its crude supplies (good luck Saudi Arabia with that imaginary excess capacity), and which just may force the IEA to release some more of that strategic petroleum reserve (and thus give JPM some more free money on the replenishment arbitrage) will send Brent to $125-150 - something which Iran will be delighted by. That is of course unless some "experts" discover that Iran may or may not have a complete arsenal of shark with fricking nuclear warheads attached to their heads (despite what Paneta has already said) which gives the US the green light for a full blown incursion, which in turn will send oil over $200, and the world economy into a global coordinated re-depression.

From Spiegel:

"If this bill is passed, the government will be forced to stop selling oil to Europe before the actual implementation of their sanctions," said Emad Hosseini, spokesman for the Iranian parliament's energy commission, reportedly said. The bill is set to become law on Sunday.

 

The EU sanctions allow for oil deliveries from Iran until July 1. Any pre-empting of this timescale by Tehran could prove problematic for countries like Italy, Greece and Spain, who would need to urgently find new suppliers.

 

China, meanwhile, a major importer of Iranian oil, has also criticized the EU sanctions. The Xinhua news agency quoted the Chinese Foreign Ministry on Thursday as saying: "To blindly pressure and impose sanctions on Iran are not constructive approaches."

 

Many members of the EU are now heavily dependent on Iranian oil. Some 500,000 barrels arrive in Europe every day from Iran, with southern European countries consuming most of it. Greece is the most exposed, receiving a third of all its oil imports from Iran, but Italy too depends on Iran for 13 percent of its oil needs. If this source were to dry up abruptly, the economic conditions in the two struggling countries could become even worse.

 

Already on Wednesday, the International Monetary Fund (IMF) warned of the economic consequences of the EU's planned embargo. Stopping deliveries from the world's fifth largest producer could drive up the price of oil by 20 to 30 percent.

Perhaps instead of doing its best at crippling the world energy markets, and crushing the global economy, Europe should stick to bailing itself out, and other activities in which it has extensive experience.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 01/27/2012 - 14:06 | 2103113 xela2200
xela2200's picture

We are all on the same boat. Friend.

Fri, 01/27/2012 - 14:15 | 2103167 carguym14
carguym14's picture

"Where da white women at??"

:)

Fri, 01/27/2012 - 13:25 | 2102878 tocointhephrase
tocointhephrase's picture

Just wish that they would agree to sell oil for Silver as well as gold. 

Fri, 01/27/2012 - 13:25 | 2102882 Money 4 Nothing
Money 4 Nothing's picture

All this shit's been off the rails since 9/11. Rouge Govt's doin whatever the fuck they want, this situation will seperate the boy's from the Men. Maybe, just maybe we with our Allies will stop acting like gangster thugs of the world. You know, Nation "building" and all?

We will be directly effected soon afterwards somehow. 

Fri, 01/27/2012 - 13:37 | 2102922 Rodolfito
Rodolfito's picture

Me too. I also like the way Ahmadinejad is the only truth speaker at the UN. And, I agree that maybe Europe will not have such a hard time, since peak oil is an elite lie. But then I also wonder if Ahmadinejad is playing a part, and that he may be a part of this global co-ordinated WW3 depopulation charade. Now I am going to take my lunchtime chlorpromazine to reduce the symptoms of schizophrenia.

Fri, 01/27/2012 - 21:30 | 2104610 Seer
Seer's picture

"peak oil is an elite lie"

Huh?

Listen, I DON'T like them either, but that don't mean that they can magically disfigure reality/physics.

If they were killing people using gravity, like pushing them over the cliff, you'd say that gravity didn't exist, because it's That threat that they're using AGAINST us?

And for everyone's edification, the issue is, as is clearly posed by this article (threat of action by Iran), it's PEAK OIL EXPORT (or, if you're an importer, peak oil imports).

Manipulation AND reality can exist at the same time.  Manipulation doesn't mean that reality doesn't exist.

Fri, 01/27/2012 - 15:40 | 2103523 Jack Burton
Jack Burton's picture

Bravo jcia, I never thought I would think "Good for Iran". This constant bully boy behavior by nations who have invaded and spilt blood all over the place the last decade, and WHO winked and accepted Iraq's unprovoked invasion of Iran under Saddam many years back, is making me sick. Who bombs at will, whi invades at will, who makes demands on sovereign nations.

Is Iran under the Islamic Republic a good thing? NO! If left alone and allowed to operate normally, the Iranian people will be free enough to demand change at home.  The entire Soviet Empire imploded under their own foolish behavior. Not under Reagans military build up. Iran will not last as an Islamic Republic, but the more war rumors and threats unites Iranian's against the west.

Give it up! Let Iranians decide, with NO external threat, the Islamists have no excuse not to let people have more freedom, and the people will demand it.

Fri, 01/27/2012 - 21:35 | 2104615 Seer
Seer's picture

Exactly!

It's like this, if people believe that bad systems are bad then surely they'd believe it because bad systems can't WORK.  And, if bad system can't work then why the hell get so fucking worked up over them, over them taking over the world?

Shit, it's like the homophobes wanting to kill off all the gays.  Yeah, they're going to breed everyone else out of existence!

It's all based on (unfounded) fear and hate, not about bad systems or anything else.  If otherwise then people would actually have to confront their belief that something that couldn't work would also take over (the world)!

Fri, 01/27/2012 - 22:00 | 2104684 Cole Younger
Cole Younger's picture

How long will it take for the EU to invade? They can't let the U.S. have all the fun...

Fri, 01/27/2012 - 13:03 | 2102785 VanillAnalyst
VanillAnalyst's picture

Hoorayyyyyy! Trade War! Race you to the bottom!!! Idiots...........

Fri, 01/27/2012 - 13:23 | 2102873 Randall Cabot
Randall Cabot's picture

 

 

Nigerian union to stop oil production

Fri Jan 27, 2012 2:20AM GMT

http://www.presstv.ir/detail/223291.html

Fri, 01/27/2012 - 13:26 | 2102883 GeneMarchbanks
GeneMarchbanks's picture

Goodluck Jonathan.

Fri, 01/27/2012 - 13:30 | 2102901 tocointhephrase
tocointhephrase's picture

+1 for sarc

Fri, 01/27/2012 - 14:53 | 2103338 Falcon15
Falcon15's picture

I agree, he'll need all the luck he can get. Lets see what a name'll get him. I think pretty soon his name will be Dead President.

Fri, 01/27/2012 - 15:09 | 2103363 CrashisOptimistic
CrashisOptimistic's picture

Welcome to the post Peak world.

It's a world where if a customer says he doesn't want your oil, you shrug and sell it to a different customer.  That customer who turned yours down discovers he can't get the same price for oil from a different source, if he can get it all.

Fuck you, Europe.  Don't even think about going to buy some oil from Canada or Mexico or Nigeria.  That path will get you nuked.

Fri, 01/27/2012 - 21:39 | 2104630 Seer
Seer's picture

China's signing up for some of that oil sludge from Canada.  Right-wingers in the US are pretty cranky about This! (they wanted to "create" a few jobs so that they could route it through the US AND THEN sell it to China! all the while trashing the environment because, well, humans have ZERO impact on the planet, and there's an infinite amount of oil.)

It's all about the authoritarians...

Sat, 01/28/2012 - 03:47 | 2105089 Element
Element's picture

The thing is when the euro-centralism clowns finally realise what utter strategic dimwits and chumps they are, and that dopey pompous filthy lesbian Cathy Ashton is finally deposed and told to go, or she will hang for her gross and uncommon stupidity, then NATO must go after someone else's oil.

Count on that.

Or maybe they still feel they can keep the strait open maybe just replace Iran's oil shortfall with increased Iraqi oil production?

Surprisingly little has been said on zh about the serious politico-'religious' conflict that continues to boil-over in Nigeria which their Govt just last week said, " ... is even more serious than a civil war".

Plus Iran's man visited Venezuela a couple of weeks ago to cement their common strategic-ties and interests.

So putting it all together;

1)  Iran closes the strait

2)  Nigerian bloodbath and overthrow quashes production

3)  Venezuela threatens to withhold supply if Yankee-NATO do not immediately agree to go home.

4)  Russia (which is energy self-sufficient) and China, as necessary allies against the USA, will still get supplied with sufficient oil and in a mutual press-statement during emergency talks in Moscow, directly warns NATO and USA against escalating further, via intervening in Hormuz, Nigeria or Venezuela, and that the time for such threats is passed if they wish to prevent a great war, and their only recourse is to either engage in real negotiations, in order to restart oil production and ship traffic, or for a real global strategic war to occur.

--

The Soviet Union fell apart without a fight but will NATO?

Yes, I think they will too.

Simply because the more Brussels fucks this up (and they are Royally fucking it up!) the more individual European state 'powers' will need to intervene to secure their own oil supplies, via their own diplomatic deals and trade efforts (1, 2, 3 and 5 years from now).

 

Divide and conquer is a double-edged sword euro-bitchez

Fri, 01/27/2012 - 15:42 | 2103532 LawsofPhysics
LawsofPhysics's picture

Whatever, I'll get my popcorn when the oil actually stops flowing.

Sat, 01/28/2012 - 02:46 | 2104073 Element
Element's picture

Bravo!

Free traders my arse.

Suck on that euro despots! 

Two can play that game you hypocritical warmongering shitheads.

I wonder if this will eventually be considered a "trade war" ... like in a 30-year historical retrospective sense?

As always, 'hystery' is written by "the victors".

i.e. the ones who slaughter the most people and thus wear the whitest of white-hats.

Fri, 01/27/2012 - 18:29 | 2104075 LongBalls
LongBalls's picture

Iran should just demand gold instead. This way they look like they are the grown up's and are not being hard to deal with. It's not as if they are not justified in such a request. The Euro looks hopeless and who wants fiat anyway. At the same time it would pose a threat to the Reserve Currency. Hell, it's their oil, they should be able to request bird seed for it if they wanted.

Sat, 01/28/2012 - 02:52 | 2105070 Element
Element's picture

And if the physical gold is priced in a USD, or some derivative of it, then this means ...

Fri, 01/27/2012 - 21:39 | 2104629 Buck Johnson
Buck Johnson's picture

Iran is smart doing this, it allows them to hurt Europe quicker in the pocket.

Fri, 01/27/2012 - 12:56 | 2102752 TruthInSunshine
TruthInSunshine's picture

Poker, bitchez.

Fri, 01/27/2012 - 12:59 | 2102765 alien-IQ
alien-IQ's picture

Chess, actually.

Fri, 01/27/2012 - 13:02 | 2102779 francis_sawyer
francis_sawyer's picture

King Leonidas isn't going to like that news...

Fri, 01/27/2012 - 13:10 | 2102815 Whalley World
Whalley World's picture

Who needs air conditioning when arrows can block out the sun!

Fri, 01/27/2012 - 13:06 | 2102794 TruthInSunshine
TruthInSunshine's picture

More poker, because there's not really any bluff in Chess.

I will concede it's at least part Chess.

But more poker.

*Certainly no liquor.

Fri, 01/27/2012 - 13:12 | 2102825 alien-IQ
alien-IQ's picture

I'm not too sure Iran is bluffing here. They lose nothing here since they will still be able to sell the oil (China, Russia, India, etc).

It's gonna be an interesting weekend since this vote is scheduled for Sunday.

It might not be a "black swan"...but it's definitely a little bird shit in the cheerios.

Fri, 01/27/2012 - 13:16 | 2102838 francis_sawyer
francis_sawyer's picture

Now I'll never eat Cheerios again...

Fri, 01/27/2012 - 13:51 | 2102997 sushi
sushi's picture

They lose nothing here 

---

Who does loose?

There will be a great many brown skinned people looking on this and thinking "If the white man can lock me out of his financial system as a means to subjagation and colonialization then what I need is an alternate financial system."

And the countries thinking along these lines will be those with the greatest growth potential. I think you see a grouping of nations coming together to promote their own economic interests and escape the financial thumb of the white man and his rockets, drones, predators and ceremonial urination.

Fri, 01/27/2012 - 13:16 | 2102834 Randall Cabot
Randall Cabot's picture

Then what's a chess face?

Fri, 01/27/2012 - 13:32 | 2102907 TruthInSunshine
TruthInSunshine's picture

Exactly.

+1

 

*Bobby Fischer may have had a 'chess face,' though. He would have been the exception, undoubtedly, however. He was a high octane, take no prisoners mofo. He was the Jules Winnfield of Chess.

Fri, 01/27/2012 - 13:43 | 2102954 alien-IQ
alien-IQ's picture

Bobby Fischer was further proof that the line between genius and insanity is razor thin.

Really interesting guy.

Fri, 01/27/2012 - 14:43 | 2103282 francis_sawyer
francis_sawyer's picture

+1

(on Fischer)... Some of his paranoia got kind of wacky there in the end, but I suppose that's the way it goes for someone who has to fight what appears to be a solitary losing battle over a long period of time...

Fri, 01/27/2012 - 16:55 | 2103807 margaris
margaris's picture

Bobby Fisher became slightly paranoid because special forces used him as a pawn in "the biggest chess game" ever known: The Cold War.

Fri, 01/27/2012 - 13:33 | 2102912 CrimsonAvenger
CrimsonAvenger's picture

It's sorta like a sex face, but with chess.

Fri, 01/27/2012 - 21:44 | 2104648 Seer
Seer's picture

Yeah, but did you ever hear of anyone being being shot for cheating in chess?

Fri, 01/27/2012 - 13:16 | 2102835 EvlTheCat
EvlTheCat's picture

"*Certainly no liquor."

Speak for yourself! Hiccup....

Fri, 01/27/2012 - 13:53 | 2103013 Carl Spackler
Carl Spackler's picture

Neither poker nor chess.

I suspect the Iranians have cut an exclusive supply deal the Chinese (win-win for both of them), and the Persians are trying to get some additional political mileage out of the situation

I liken it to writing covered calls.

Fri, 01/27/2012 - 13:17 | 2102816 Money 4 Nothing
Money 4 Nothing's picture

Nope, Global Check Mate. It's Chess, not Checkers biatch.

Bunker bustin thingamagigges should be loaded like... now? 

Fri, 01/27/2012 - 12:57 | 2102754 Falcon15
Falcon15's picture

I see your sanctions and raise you an ass hammering.

Fri, 01/27/2012 - 13:35 | 2102913 tocointhephrase
tocointhephrase's picture

I accept your ass hammering and raise an Iron Fist holding a BRIC. 

Fri, 01/27/2012 - 14:48 | 2103308 Falcon15
Falcon15's picture

Only as long as the ass hammering gets handed out first. ;)

Fri, 01/27/2012 - 14:51 | 2103328 TruthInSunshine
TruthInSunshine's picture

Red: [narrating] I wish I could tell you that Andy fought the good fight, and the Sisters let him be. I wish I could tell you that - but prison is no fairy-tale world. He never said who did it, but we all knew. Things went on like that for awhile - prison life consists of routine, and then more routine. Every so often, Andy would show up with fresh bruises. The Sisters kept at him - sometimes he was able to fight 'em off, sometimes not. And that's how it went for Andy - that was his routine. I do believe those first two years were the worst for him, and I also believe that if things had gone on that way, this place would have got the best of him.

Fri, 01/27/2012 - 12:57 | 2102756 Janice
Janice's picture

Bombs away

Fri, 01/27/2012 - 15:15 | 2103410 DosZap
DosZap's picture

and the world economy into a global coordinated re-depression.

Were we ever OUT?

Fri, 01/27/2012 - 12:57 | 2102757 alien-IQ
alien-IQ's picture

So is this "bullish" or "already priced in"?

Fri, 01/27/2012 - 21:42 | 2104638 UP Forester
UP Forester's picture

Yes.

Fri, 01/27/2012 - 13:04 | 2102760 GeneMarchbanks
GeneMarchbanks's picture

That Libya move is making more & more sense every day...

Now, it simply can't be argued that all actual commodities/goods aren't diverting themselves from West to East. The move is underway and it'll be sudden and unpleasnt for many.

Fri, 01/27/2012 - 13:17 | 2102845 BobPaulson
BobPaulson's picture

Exactly. In other words: knowing that they were planning on escalating the rhetoric in the Syria and Iran theatre, NATO needed to confiscate Libyan production to offset the predictable shock.

Right now I'm wondering how the Dog-Tail system will sew Syria and Iran into the same bullshit story. I'm guessing Hezbollah will be talked about a lot so that Israel can get into the conflict via Syria then seamlessly segue to supporting the Iran mission. China will do nothing except perhaps extract some minor diplomatic concessions in their sphere. To me, the green light for Operation Flaming Persepolis will be when Russia figures out what they get in the deal.

Fri, 01/27/2012 - 15:35 | 2103500 lolmao500
lolmao500's picture

Me thinks NATO will give Russia a bullshit missile defense agreement that will mean NOTHING but Russia will buy it.

Sat, 01/28/2012 - 04:38 | 2105159 Element
Element's picture

Russia knows it needs to push NATO back, so it will be proxy wars.  

The US and Soviets made many international agreements, many useful many totally meaningless, when the fighting in Vietnam was at or nearing a peak.

It did not affect the mutual prosecution of a bitter and utterly barbarous proxy-war for many more years, not one bit.

And I see very little to suggest the Russians are either strategically aimless, or anyone's gullible chump.

Fri, 01/27/2012 - 15:40 | 2103524 GeneMarchbanks
GeneMarchbanks's picture

http://www.bloomberg.com/news/2012-01-25/putin-says-u-s-seeks-vassals-no...

I know it's election rhetoric but it oozes discontent.

Fri, 01/27/2012 - 12:58 | 2102762 Kaiser Sousa
Kaiser Sousa's picture

"if u kill my dog i'ma slay ur cat

it's like that ya'll...can u handle it son

i'm public enemy number 1...."

bitch ass banker owned Europe FUCK OFF......

Fri, 01/27/2012 - 12:59 | 2102766 Cassandra Syndrome
Cassandra Syndrome's picture

Its all like Donkey Kong Bitchez

Fri, 01/27/2012 - 12:59 | 2102767 bob_dabolina
bob_dabolina's picture

Obama said we are Saudi Arabia :(

Fri, 01/27/2012 - 12:59 | 2102768 LetThemEatRand
LetThemEatRand's picture

It seems clear that Iran is going to be the "black swan" excuse used by TPTB to explain the full blown melt-down that is coming.   It certainly wasn't ponzi-nomics and the sucking dry of the middle class to favor the .01% that did it.  No, it was Iran and whatever shit they will have supposedly done to start a war.

Fri, 01/27/2012 - 13:37 | 2102925 old naughty
old naughty's picture

+1. The evil empire stopped oil shipments to us and drove up oil prices. They are responsible for our inflation and recession.

Fri, 01/27/2012 - 13:00 | 2102771 francis_sawyer
francis_sawyer's picture

So I guess this means that they keep their "Rogue Nation" status (with or without nukes)...

Fri, 01/27/2012 - 14:50 | 2103326 francis_sawyer
francis_sawyer's picture

@Money for Nothing...

The comment was intended as /snark

More delicately... MY MEANING was to denote that TPTB want to make Iran the BAD GUY at all costs... This "NUKE" thing is all hyperbole (a subject that is hashed over day in & day out on ZH)...

So... Pick your poisin... Nukes... whatever... They'll always spin it as Iran is the bad guy...

In "Hollywood-ese"... The Iranians  are a bunch of mass murdering, child molesting purveyors of global warming who kill whales, baby seals, & puppies in their spare time... FOR SPORT... &, of course being as such, they are solidly needing a regime change (by western standards)...

Fri, 01/27/2012 - 13:01 | 2102772 AbruptlyKawaii
AbruptlyKawaii's picture

i love it, this is so iranian. forget game theory, they invented chess.

 

Fri, 01/27/2012 - 13:40 | 2102940 old naughty
old naughty's picture

Did they, really? Are they any good at it?

Fri, 01/27/2012 - 13:17 | 2102774 ucsbcanuck
ucsbcanuck's picture

Indians, Russians and Chinese are sitting there rubbing their hands in glee.

Soon, Russia and China will also be the middlemen for Iranian oil. EU will get their Iranian oil all right - with a significant markup from Russia with love. Except the Germans - who made deals with Russia already. And cheap oil for Germany in relation to the oil that southern Europe has to consume just means more competitive advantage to Germany...

So, yet again, it's southern Europe that got had, got took, got hoodwinked. How's that EU thing working for you again?

Well played Obama. No, no seriously, well done. China and Russia didn't spend one cent and you've played into their hands again...

Fri, 01/27/2012 - 13:18 | 2102851 francis_sawyer
francis_sawyer's picture

Might as well thank "HELL-a-ray" while you're at it...

Fri, 01/27/2012 - 15:49 | 2103557 ucsbcanuck
ucsbcanuck's picture

Sure, why not. And let's not forget to thank the clowns in Brussels.

Fri, 01/27/2012 - 13:46 | 2102975 AbruptlyKawaii
AbruptlyKawaii's picture

a lot of insight there, great analysis .......for a gaucho canuck :p

Fri, 01/27/2012 - 15:48 | 2103553 ucsbcanuck
ucsbcanuck's picture

Pfft! I went to grad school at UCSB for EE. Some of us actually did work at UCSB, not just party in Isla Vista or on State Street.

The party school/surfing rep is somewhat unfounded and maybe true more for the undergrads, not the grad students. UCSB is among the top 10 grad schools in the US for some engineering and science disciplines. Top researchers like Shuji Nakamura (blue laser diode inventor), Kroemer (Nobel Physics 2000), Heeger (Nobel Physics 2000).

Pity about the impending destruction of the UC system due to Cal's stupidity though - world-class institution offering top-notch education is being slowly destroyed.

Fri, 01/27/2012 - 23:12 | 2104812 ucsbcanuck
ucsbcanuck's picture

Wow - why the junk?

Fri, 01/27/2012 - 23:54 | 2104866 AbruptlyKawaii
AbruptlyKawaii's picture

again, very incisive analysis!@ thanks! and youre riught about undergrad vs grad, ibelieve they have a gathering of the most amazing scientists at uscb like a coirnell west above stanford. take the down arrows as pride ;)

good cocktails and sushi on state st. back i nthe day

 

btw dont worry about junks

we got your back

;)

 

can i ask you if youre still in ee , you seem political. any applications?

 

i like fractal voting as a concept of trying to fit discrete with analog or something like that lol...

 

 

 

Sun, 01/29/2012 - 16:19 | 2107846 ucsbcanuck
ucsbcanuck's picture

@AK - I don't give a shit about the down arrows really LOL! Just found it interesting that someone would junk me for stating some facts and saying that all is not as it seems with UCSB. Thanks for the support LOL!

I'm peripherally in EE - do high-tech consulting work. 

I'm not political - don't really like the Liberals, NDP or Conservative Party. Plus, I'm way too honest to be a politician, and don't really like the "popularity contest" aspect of being a politician in a democracy. You can't tell the sheeple reality because some other clown will always promise something unrealistic to get re-elected. I don't like making unrealistic promises that I can't keep.

UCSB is a specialist school, wherelse Stanford is more generalist. Stanford is still a great school for EE and CS. A PhD from Stanford opens doors outside of the field of specialization eg in finance, IP, management consulting etc just because of the cachet. Pedigree is important in this world when you're looking for jobs, which sucks, but it is what it is. However as Matt Damon pointed out in Good Will Hunting - you could get a 150k education for $1.50 in late charges at the library, if you're motivated and intelligent enough. Or $0, if you have an internet connection and are willing to read ZH.  

Arigato Sushi is still pretty good, and except for Joe's Cafe the good pubs in SB are actually off State St or on upper State St away from the madness:

- Press Room (I was a regular there)

- Elsie's (love the idea of couches in a bar)

- Blue Agave (great place to finish dates, so that you could get action LOL!)

- Dargan's (great little Irish pub)

- Sportsman (great little dive bar)

- Soho's

- Mercury Lounge (best pub in Goleta, similar concept to Elsie's)

There were some other good places which are now closed - the Firebird, Bogart's. 

 

Fri, 01/27/2012 - 13:02 | 2102775 Sandmann
Sandmann's picture

They can simply release Strategic Reserve until April and work out how to prevent Islamic Terrorism from fomenting Civil War in Nigeria

Fri, 01/27/2012 - 15:17 | 2103424 ParkAveFlasher
ParkAveFlasher's picture

Right, then they can load all the Nigerian crude on Autobots and have them ship it to the Emerald City via a space elevator.  +1!

Fri, 01/27/2012 - 13:03 | 2102783 LawsofPhysics
LawsofPhysics's picture

When goods and services stop crossing boarders, troops do.  Same as it ever was.

Fri, 01/27/2012 - 13:17 | 2102842 LetThemEatRand
LetThemEatRand's picture

This is not your beautiful oil field.

Fri, 01/27/2012 - 13:21 | 2102861 francis_sawyer
francis_sawyer's picture

I think I just splooged my pants!

http://www.youtube.com/watch?v=PIJNQLI6KwY

Fri, 01/27/2012 - 13:52 | 2103000 AbruptlyKawaii
AbruptlyKawaii's picture

^^^^^ that was epic! actually converted it to mp3.

sweatier than i ever was.

Fri, 01/27/2012 - 14:38 | 2103265 francis_sawyer
francis_sawyer's picture

Whenever I have a down day I just watch that video... Some of the funniest shit I've ever seen...

Fri, 01/27/2012 - 13:21 | 2102863 LawsofPhysics
LawsofPhysics's picture

indeed, but I hear that it is much easier to install oil wells on a glass platform, in comparison to say something like sand...

Fri, 01/27/2012 - 13:22 | 2102866 Wakanda
Wakanda's picture

This is not your beautiful (burka covered) wife.

Fri, 01/27/2012 - 13:04 | 2102787 Eally Ucked
Eally Ucked's picture

Obama will divert some of Nigerian oil to Europe, no worry. You driving too much anyway so it will help you to save more on gas and make bigger purchases at your local Walmart.

Fri, 01/27/2012 - 13:04 | 2102789 dick cheneys ghost
dick cheneys ghost's picture

Hyper-Depression?

Fri, 01/27/2012 - 13:04 | 2102790 FreeMarketBuff
FreeMarketBuff's picture

I think this is Ron Paul's "Golden Rule"

Fri, 01/27/2012 - 13:06 | 2102797 Jason T
Jason T's picture

It's the big man's golden rule.  but the best rule is to treat others how they would like to be treated.  Normally, that means with dignity and respect.  

Fri, 01/27/2012 - 13:16 | 2102837 Dr. Engali
Dr. Engali's picture

That only works as long as one has self respect. I submit that American leaders have none of that.

Fri, 01/27/2012 - 14:02 | 2103081 NotApplicable
NotApplicable's picture

I submit that those people are not leaders, regardless of any rigged popularity contest they may or may not have won.

Fri, 01/27/2012 - 15:21 | 2103454 Dr. Engali
Dr. Engali's picture

Good point.

Fri, 01/27/2012 - 13:05 | 2102792 Dr. Engali
Dr. Engali's picture

Like I said earlier. A good desert war will help the elites a great deal. It will take care of some extra unnecessary sheeple,provide a nice distraction, and if there is a nuclear accident it's not as detrimentlal if they are turning sand into glass. I am sure they can find some willing Japanese to sacrifice themselves for the greater good to retrieve the oil and gold.

Fri, 01/27/2012 - 13:05 | 2102793 HungrySeagull
HungrySeagull's picture

This is interesting.

WE can export to Europe now. Relieve some of that excess sloshing at Cushing and put Texas to work.

Did'nt Goldman or Morgan buy a bunch of filled tankers and let them sit around last time oil was at 30?

It would be cute too. Iran stops it themselves, we have no legal reason to make war and that is the end of it.

Fri, 01/27/2012 - 13:18 | 2102852 V in PA
V in PA's picture

Legal reason!?! We don't need no stinkin' legal reason!

Fri, 01/27/2012 - 13:05 | 2102795 The Alarmist
The Alarmist's picture

Well isn't that just grand ... Europe was using the time til July to quietly grant a bunch of exemptions so that the "ban" would not actually inflict pain on Europe, and Iran goes and throws a wrench into the works.

Fri, 01/27/2012 - 13:06 | 2102798 lindaamick
lindaamick's picture

Maybe Washington's poodles (Europe) will learn to run their own foreign policy, looking after their own interests rather than trailing along behind the US/Israeli mandates.

Fri, 01/27/2012 - 13:39 | 2102936 tocointhephrase
tocointhephrase's picture

A good old fashion "here here". Sheeple more like sheeurope

Fri, 01/27/2012 - 14:21 | 2103202 ZeroPoint
ZeroPoint's picture

I think you mean Ewerope.

Fri, 01/27/2012 - 13:07 | 2102805 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

I'm cool with Iran's new law.

Fri, 01/27/2012 - 13:08 | 2102808 Smiley
Smiley's picture

Why do I have the feeling more magnetic car bombings are in the future for Iran?

Fri, 01/27/2012 - 13:09 | 2102809 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

It looks like the eu afternoon rumermill has become un-envoge.

Fri, 01/27/2012 - 13:09 | 2102811 G_T_A_44
G_T_A_44's picture

The global depression has already commenced and finds itself in the very early innings.

We move one day closer to global Hyperinflationary depression and yes, we will witness a 2-handle in crude; 5+ -handle gold, as well as 2+ -handle silver before all is said and done.

 

Game On!

Fri, 01/27/2012 - 13:26 | 2102877 LawsofPhysics
LawsofPhysics's picture

thinking all commodities will do well moving forward.  especially those in your possession. The mantra "if you can't physically touch it, you don't own it" will become more popular.

Anyone know how much food and other commodities are imported into Iran?  What, no oil?  Okay, no soup for you!

Fri, 01/27/2012 - 13:34 | 2102911 Randall Cabot
Randall Cabot's picture

Other than pistacio nuts and figs, just about everything else is imported.

Fri, 01/27/2012 - 13:37 | 2102926 LawsofPhysics
LawsofPhysics's picture

So, Russian and China will be importing the food for Iran then?  Someone might want to tell them to mind the "milk" coming from China.

Fri, 01/27/2012 - 14:04 | 2102972 A Lunatic
A Lunatic's picture

Indeed; give us oil or we will stop poisoning you with Monsanto GMO Frankenshit.

Fri, 01/27/2012 - 15:44 | 2103537 LawsofPhysics
LawsofPhysics's picture

Yes, well, so long as Iran can feed itself.  Good luck with that.

Fri, 01/27/2012 - 13:09 | 2102812 inkarri9
inkarri9's picture

TD - I don't think your post was NDAA compliant.

Fri, 01/27/2012 - 13:09 | 2102813 tony bonn
tony bonn's picture

the american sanctions are precisely the type of policy one could expect from a bunch of psychopathic frat boys....little neocon boys trying to act tough in order to make the world safe for another war...

Fri, 01/27/2012 - 14:14 | 2103163 FrankThinkTank
FrankThinkTank's picture

Yeah, Obama is such a neocon it's ridiculous.

Such a sad simplistic perspective :(

Fri, 01/27/2012 - 15:48 | 2103555 DosZap
DosZap's picture

FrankThinkTank

Sure he is,why he NUBS Izzzy so much.

Fri, 01/27/2012 - 13:10 | 2102817 Silver Dreamer
Silver Dreamer's picture

Iran has a hand full of aces, and they just called the West's bluff.

Fri, 01/27/2012 - 13:26 | 2102888 sethstorm
sethstorm's picture

Except that the US owns the house over Iran's head.

Fri, 01/27/2012 - 14:03 | 2103098 Silver Dreamer
Silver Dreamer's picture

I suspect two of Iran's aces, Russia and China, would strongly disagree.  Stop thinking from the perspective of the empire.  It's blinding you from the truth.

Fri, 01/27/2012 - 14:31 | 2103239 somaplease
somaplease's picture

Draft bitches!

Fri, 01/27/2012 - 13:10 | 2102818 Truffle_Shuffle
Truffle_Shuffle's picture

MUST....KILL....DEMAND!

Peak Oil, Peak Production, Peak Whatever.  Exponential decline is your friend.

Fri, 01/27/2012 - 13:12 | 2102824 FranSix
FranSix's picture

I guess the Europeans will come crawling on their knees for Canadian tar sands oil after decades of dissing out the seal hunt.  I say grovel, let them eastern bastards freeze in the dark.

Fri, 01/27/2012 - 13:25 | 2102879 Eally Ucked
Eally Ucked's picture

The only problem is that Canadian space shipping route to Europe is not ready yet

Fri, 01/27/2012 - 13:39 | 2102935 FranSix
FranSix's picture

I don't know if ppl. actually really noticed, but Calgary with its backdrop of mountains and tower in the skyline looks awfully like Tehran.  Tehran is really just doing an Albertan thing. 'Let those eastern bastard freeze in the dark' was an expression during the National Energy Policy days.

Fri, 01/27/2012 - 14:32 | 2103242 somaplease
somaplease's picture

Iran, the new Alberta. Catchy!

Fri, 01/27/2012 - 14:48 | 2103309 FranSix
FranSix's picture

Curiously, the Iranians aught to be saying:  'Let those Western Bastards freeze in the dark!'

Fri, 01/27/2012 - 13:44 | 2102958 old naughty
old naughty's picture

Can they not fast track it, now that Keystone has to be re-routed? Perhaps a million Chinese laborer could speed it up...wonder if they could stand the pole weather?

Fri, 01/27/2012 - 15:33 | 2103491 Falcon15
Falcon15's picture

The Canadians have different ideas. They have openly discussed investigating the "Asian market" as a recipient of the oil...Just sayin' the Obutthead screwed the US and eased  China a big fat roll of commodities under the table.

Fri, 01/27/2012 - 22:47 | 2104763 Seer
Seer's picture

What are the Europeans going to offer in exchange, IOUs (a promise to promise to pay)?

You must have missed the recent news about China signing up for lots of this goo.

Fri, 01/27/2012 - 13:13 | 2102826 Schmuck Raker
Schmuck Raker's picture

Save the popcorn for when the law has actually "Passed".

Fri, 01/27/2012 - 13:13 | 2102827 the 300000000th...
the 300000000th percent's picture

Its about time. Good for Iran. Unfortunately anything that would hurt Europe will continue to be a boon for America as more robots will line up to buy even more US treasuries at an even more amazingly low interest rate. If Europe starts to have a bigger false recovery than us than we will have to look at our shit mess again which is what we need to do.

Fri, 01/27/2012 - 13:13 | 2102828 AnAnonymous
AnAnonymous's picture

Must speed up Libya resolution.

In case the bill is voted. Because nothing is acquired here.

Looks like poker, a card game that has spread with US citizenism, has reached Iran and they are playing chicken bluff like good US citizens.

Fri, 01/27/2012 - 13:14 | 2102831 Dr. Engali
Dr. Engali's picture

Tyler you forgot an important point....Sharks have been put on the endangered list. Are there any sea bass in the gulf?

 

http://youtu.be/Bh7bYNAHXxw

Fri, 01/27/2012 - 13:18 | 2102853 Wakanda
Wakanda's picture

Sea bass nukes?

Maybe near Japan.

Fri, 01/27/2012 - 14:03 | 2103087 Quicksilver
Quicksilver's picture

Next move - Greece to dump EU, Euro, bondholders, sanctions, and start again from scratchl

Fri, 01/27/2012 - 13:15 | 2102833 Vincent Vega
Vincent Vega's picture

Reminds me of those old 3 Stooges skits: you can't fire me; I quit.

Fri, 01/27/2012 - 14:07 | 2103121 NotApplicable
NotApplicable's picture

Oh, wise guy, eh?

Nyuk, nyuk, nyuk.

Fri, 01/27/2012 - 13:16 | 2102839 _ConanTheLibert...
_ConanTheLibertarian_'s picture

I suggest they trade the oil which is not going to Europe in a currency other than the US$ -which they should have started long ago- to piss off both Europe and the US. Who knows, maybe Iran is going to be the unexpected event to finally start the much needed crash of the markets. If they do, I'd almost consider going on vacation there... :-)

Fri, 01/27/2012 - 13:26 | 2102886 HD
HD's picture

Yea - those Iranian beaches have some hot burqa action.

Fri, 01/27/2012 - 13:28 | 2102891 the 300000000th...
the 300000000th percent's picture

Iran officially went to the Euro in 2010 for oil trade

here is an article

 

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aRviyIsQ.HpY

Fri, 01/27/2012 - 13:29 | 2102896 the 300000000th...
the 300000000th percent's picture

Actually i think is was even befor that maybe 2007

Fri, 01/27/2012 - 17:04 | 2103421 _ConanTheLibert...
_ConanTheLibertarian_'s picture

oops. Thanks. This article had me confused.

Fri, 01/27/2012 - 13:19 | 2102857 HD
HD's picture

I sent notice to the world's super models that I would not have sex with any of them until they all stopped wearing those weird shoes that make them look like they have hooves.

Shortly after that - those shoes became unbelievably popular.

Fri, 01/27/2012 - 13:21 | 2102864 Truffle_Shuffle
Truffle_Shuffle's picture

It is quite amazing how the US and EU have been bitch-slapped on a global scale.  Kind of makes me feel like a 10-year old school boy.

http://www.youtube.com/watch?v=3BRw_ihZRJI

Fri, 01/27/2012 - 23:09 | 2104804 Seer
Seer's picture

Must be my memory, but I just cannot conjure up what a 10-year old school boy feeling is like.  Anyway...

Nothing amazing about it at all.  When you're used to firing at everything in order to get your way and then you run out of bullets, well, it should be no surprise that the phrases "give me all you have" or "stop!" no longer have any power.

But, Newt has a solution don't ya know, we're going to form a new US Christian Nation on the Moon!  No Mooslims allowed!

Sat, 01/28/2012 - 05:16 | 2105182 Element
Element's picture

You know you want it.

http://www.youtube.com/watch?feature=player_detailpage&v=RLhdY6_juDk

Lots and lots of beige!  ... B E I G E   S P A C E S H I P S   D U D E!!!

This more Newt's style though (lame and vain as all fuck);

http://www.youtube.com/watch?feature=player_detailpage&v=M1Ug4sCxfdM

Fri, 01/27/2012 - 13:24 | 2102876 hampsterwheel
hampsterwheel's picture

Iran hasn't invaded a neighbor in over 100 years - the US has been screwing in their internal affairs since the 50's.

I say good on them - in fact I do hope we start bombing them and lose a carrier in the process and a few thousand soldiers - as bad as that will be - perhaps then and only then will the sleeping sheep in America wake the H**L up and call and end to all this empire agression, TSA, Homeland security BS - the Iranian people's only problem is they are sitting on oil we covet - and we believe we own...

As a veteran myself - I am tired of war and tired living and supporting  the 21st C version of Rome -

Fri, 01/27/2012 - 15:49 | 2103542 Idiot Savant
Idiot Savant's picture

perhaps then and only then will the sleeping sheep in America wake the H**L up and call and end to all this empire agression

While I appreciate and agree with your sentiment, I'm afraid you're wrong. They've had ten years to wake up and haven't done so. There's absolutely no public discourse re illegal invasion in Iraq / unnecessary invasion in Afghanistan. Iran sinking a carrier would only galvanize the sheeple into supporting exponential escalation of "the war on terror". 

Remember, they're sub-human raghead terrorists living in caves, on top of our oil! /sarc/

Fri, 01/27/2012 - 16:40 | 2103720 Alpha Monkey
Alpha Monkey's picture

TSA, DHS, et al. are there for the very purpose of making sure people don't wake up.   I'm afraid the only possible action that may wake more people would be a direct strike on amerika, reminding everyone that we are connected to the rest of the world and our actions have consequences.  Well, that and/or hyperinflation...

I'm a vet as well.  I too am tired of living in 21 C. Rome.  Rome also experience hyper inflation, after debasing the silver currency for common trade.  Sound familiar?

Fri, 01/27/2012 - 23:39 | 2104852 Seer
Seer's picture

"I'm afraid the only possible action that may wake more people would be a direct strike on amerika"

Like 9/11 (assuming the "official" story)?

No, such would be as it always is, a mechanism with which to rally the citizens, lock away dissidents, and carry on as usual; oh, and start up another war.

Not that it likely matters, but I'm also a vet...

Fri, 01/27/2012 - 13:25 | 2102881 sethstorm
sethstorm's picture

Does Iran really want to be turned into a parking lot?

It'd just mean the oil would end up in US/EU hands anyway.

Fri, 01/27/2012 - 16:31 | 2103684 Alpha Monkey
Alpha Monkey's picture

I remember that same line of thought about Iraq. "why send troops, just bomb the shit out of it and turn it into a parking lot" is one meme I heard a few times, sometimes with nukes. 

Just so you know, you are advocating the murder of millions of non-combatant women and children in pursuit of keeping our fucking SUV's guzzling cheap gas.  Just a quick thought tho... I wonder what the oligarchs would do with the price of oil IF they do attain monopoly control over it... Something tells me that prices would only move in one direction, up.

Fri, 01/27/2012 - 23:48 | 2104867 Seer
Seer's picture

You've got to couch it in terms that people like this can understand!

It's like this:

Do you know that if you used nukes then you'd be dropping American Troops into a radioactive environment?  Also, you'd be subjecting American operators to working those oil facilities in such an environment: remember: all the Iranians were killed.  Why would you want to do such an un-American thing? what do you have against Our Troops?

Fri, 01/27/2012 - 13:26 | 2102884 DutchMadness
DutchMadness's picture

Greece will cry fool Monday as their car- and heatingfuel runs out, and Europe will save them, again.. ( and instead of paying a low price to the Iranians now, they will get it free from the EU ) Efgharisto Poli!

Fri, 01/27/2012 - 13:26 | 2102885 ian807
ian807's picture

Iran now has an opportunity to use economic means to help ifs friends (China, Russia) and defeat its foes (USA, Europe) via oil price and availability. Unfortunately, I don't see any way it won't work. The USA won't invade. China and Russia would defend Iran, and we would back down, since we can't afford to hack off either of those.

So in the end, the USA backs off. There's not much we can do here.

Fri, 01/27/2012 - 13:37 | 2102923 Jim in MN
Jim in MN's picture

The bigger picture is the US being eased off of Eurasia's lawn.  Except we're the old guy, not the irritating kids.  And we have a bomb.

Fri, 01/27/2012 - 23:52 | 2104874 Seer
Seer's picture

"China and Russia would defend Iran"

But, you're couching this as though it's a macho/physical war.  No, it's TOTAL war, and war doesn't have to happen via gun.

Should be pretty obvious to all that China and Russia ARE defending Iran.  If they weren't they wouldn't be making arrangements to trade outside of the USD; they'd wait until the US was done with it's "sanctions" (which, as we all know, would be NEVER, or until an actual physical invasion/war took place).

Fri, 01/27/2012 - 13:30 | 2102899 stuartbushcraftblog
stuartbushcraftblog's picture

As my father likes to say "That'll learn ya!" HA HA HA IN YOUR FACE EUROPEAN UNION!!!!!!!!!!!!!

 

They expected Iran to just take it up the keyster like everyone else "Bend over Iran,you might feel a little shrivelled euro prick!"

 

Sunday HA HA HA Tick Tock Tick Tock!

Fri, 01/27/2012 - 13:32 | 2102908 Transformer
Transformer's picture

Alex jones says that we have sent the Enterprise, our oldest aircraft carrier, and due to be decommissioned next year, to the gulf to use it as a False Flag, where we or the Israelis will attack and sink it, blaming it on the Iranians.  He says we did the same thing in 1941, sending all the old ships to Pearl and getting the new ones away, cause we knew the attack was coming on Dec 7.  And that's what the attack on the Liberty was in 1968, to get us into the war with Egypt, but the Russians interrupted the Israelis before they sunk it.  This sounds like a load of crap to me, as the Enterprise has 8 nuclear reactors and it could turn out to be a huge nuclear catastrophe, and our government would never do something so stupid.  It's just not the American way.

Why would the Iranianns attack anyway?  This sanctions stuff does not appear like it's gonna work.  Who makes all these incredibly stupid decisions in the American government?  You know the EU would not have done this unless the US wanted it.

Do NOT follow this link or you will be banned from the site!