From the Tehran Times via IRNA. 17 August 2005 The Tehran Times proposes that Iran, and other middle eastern oil-producing states, should suspend oil exports to states that attempt to interfere with their ability to develop atomic energy. "The best way to confront the US and EU3 dictatorship is to "impose an embargo on oil sales to those countries, said an English-language paper here Sunday commenting on last Thursday "unfair" resolution of the UN nuclear watchdog against Iran. The 'Tehran Times' suggested in its editorial that the world oil-rich states should form a united front in order to confront "Western neocolonialist countries." Criticizing the International Atomic Energy Agency (IAEA) resolution against Iran, the paper said that it was ratified "to meet the objectives of the Zionist regime and the United States." It added that the resolution, issued under pressure from the United States and the European Union big three, actually indicated that "the status of international organizations, including the IAEA, has declined seriously in the face of the blackmail of the neocolonialist powers." http://www.irna.ir/en/news/view/line-22/0508141585160536.htm I do not know to what extent the Tehran Times embodies the views of the Iranian government. The threat is specifically directed against the USA and the EU3 states, UK, Germany and France. One problem with an export embargo is that it deprives the exporter of its income. However, it's a seller's market in petroleum now and I suppose Iran might be able to find other buyers. China, for instance. I have read elsewhere that China plans on building up a strategic reserve sufficient to meet all its needs for at least a month. Whether the embargo materializes or not, the USA faces a major challenge to its power over the middle eastern oil market this coming spring. An oil bourse is opening in Tehran this coming spring. Prices will be quoted in, and remittances are to be made in, euros, not US dollars. (Crude oil is quoted at New York and London in US dollars.) Heretofore, the entire oil-importing world has needed US dollars to buy crude oil from the middle east. Such countries have been obliged to build up a trade surplus with the USA to get the foreign exchange to buy energy. The USA, however, has enjoyed the unique position of being able to finance its energy needs by "running the printing press." The days of this arrangement may be numbered.