February 29, 2012 | Quote
Global Fuel Shortage Would Grow Without Iran’s Supply, U.S. Says
“The report confirms that the majority of the price increase in February is due to supply and demand factors, with Iran sanctions playing a much less significant role,” Mark Dubowitz, executive director of the Washington-based Foundation for the Defense of Democracies, said in an interview yesterday. “With tight oil markets, policymakers need to be careful in threading the eye of the needle.”
Dubowitz, who advised Menendez and Mark Kirk, an Illinois Republican who co-sponsored the legislation, warned that “policymakers need to ensure that they are not creating an embargo of Iranian oil but, instead, implementing these sanctions so that Iranian oil becomes a distressed asset.”