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World's spare oil capacity grows as Iran sanctions bite

Reuters -- The world's spare oil production capacity outside of Iran rose in last two months as gasoline demand waned in the United States and oil use for power generation fell in the Middle East, the U.S. government said in a bimonthly report.

In September and October, spare oil production capacity was 2 million barrels per day, the EIA said, up from 1.8 million bpd in the previous two months, said the report, which is required by last year's Iran sanctions law.

The slightly larger cushion gives room for the Obama administration to continue pressuring Tehran over its disputed nuclear program through sanctions that target Iran's oil revenues.

The sanctions require global importers to buy less Iranian crude or risk being cut off from the U.S. financial system. Tehran has said its nuclear prog

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Submitted Oct 26, 2012 By: MidNJ

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52MPG Champion Author Dayton Posts:7,254 Points:1,740,670 Joined:Apr 2006	Message Posted: Oct 28, 2012 12:55:17 PM Ignore 52MPG Report Abuse I wonder if these are real numbers.
DanMtz Champion Author Oakland Posts:3,345 Points:1,241,375 Joined:Oct 2009	Message Posted: Oct 28, 2012 12:22:04 PM Ignore DanMtz Report Abuse Iran is ready to boot its leader.
jrs4125 Champion Author Indiana Posts:2,748 Points:589,795 Joined:Sep 2011	Message Posted: Oct 28, 2012 11:11:07 AM Ignore jrs4125 Report Abuse Fossil fuel is a finite resource.
fullcirclethink Champion Author Washington Posts:2,007 Points:159,270 Joined:Jun 2009	Message Posted: Oct 27, 2012 12:34:42 AM Ignore fullcirclethink Report Abuse Works for me!
HorizonChaser Champion Author Montgomery Posts:1,973 Points:454,610 Joined:Dec 2011	Message Posted: Oct 27, 2012 12:06:24 AM Ignore HorizonChaser Report Abuse I'm sorry for the suffering and persecuted Christians in Iran. The rest of the citizens there need to get rid of their current leadership. (Just like we do here.)
Tucker16 Champion Author Ottawa Posts:1,154 Points:542,205 Joined:Jul 2006	Message Posted: Oct 26, 2012 3:54:44 PM Ignore Tucker16 Report Abuse Good.
orphancarguyPE Champion Author PEI Posts:3,838 Points:733,040 Joined:Jan 2011	Message Posted: Oct 26, 2012 3:08:48 PM Ignore orphancarguyPE Report Abuse The spare is only 2%. You do realize that Iran produces this and more. There might be a zero spare if Iran is locked out...
Discovery02 Champion Author Colorado Springs Posts:2,540 Points:308,715 Joined:May 2012	Message Posted: Oct 26, 2012 2:34:30 PM Ignore Discovery02 Report Abuse US allies and partners working together to keep nukes out of the hands of mad men.
merlinCO Champion Author Colorado Posts:1,630 Points:339,445 Joined:Mar 2012	Message Posted: Oct 26, 2012 2:00:59 PM Ignore merlinCO Report Abuse When can we say that about OPEC?
7SPEEDY7 Champion Author Flint Posts:1,281 Points:604,475 Joined:May 2011	Message Posted: Oct 26, 2012 1:54:23 PM Ignore 7SPEEDY7 Report Abuse Key Words: ENERGY INDEPENDENCE FROM THE MIDDLE EAST!!!
Jeffro61 Champion Author Cleveland Posts:2,267 Points:2,284,745 Joined:Oct 2005	Message Posted: Oct 26, 2012 1:10:06 PM Ignore Jeffro61 Report Abuse Goes to show nobody need Iran.
ciimike Champion Author Nevada Posts:4,638 Points:1,062,060 Joined:Aug 2005	Message Posted: Oct 26, 2012 1:05:39 PM Ignore ciimike Report Abuse Politics will be the end of us!
fedupMN Champion Author Twin Cities Posts:2,944 Points:571,505 Joined:Mar 2011	Message Posted: Oct 26, 2012 1:01:43 PM Ignore fedupMN Report Abuse ok
fuel2use Champion Author Seattle Posts:3,478 Points:731,375 Joined:Dec 2010	Message Posted: Oct 26, 2012 12:34:37 PM Ignore fuel2use Report Abuse Okay.
HailstormCA Champion Author San Diego Posts:7,845 Points:1,470,070 Joined:Nov 2008	Message Posted: Oct 26, 2012 11:58:07 AM Ignore HailstormCA Report Abuse Wow! Spare? I'll store some of that for ya, like in my tank.
NanookAK Champion Author Anchorage Posts:7,241 Points:1,439,065 Joined:Nov 2007	Message Posted: Oct 26, 2012 11:51:28 AM Ignore NanookAK Report Abuse Iran as well as the U.S. needs a change in leadership.
gbs1 Champion Author Minnesota Posts:1,991 Points:740,650 Joined:Mar 2011	Message Posted: Oct 26, 2012 11:51:15 AM Ignore gbs1 Report Abuse Good news for world consumers
bullseye100 Champion Author New Jersey Posts:2,419 Points:582,630 Joined:Aug 2011	Message Posted: Oct 26, 2012 11:47:25 AM Ignore bullseye100 Report Abuse Hopefully the sanction will work and gas prices can continue to come down if the world has excess oil stockpiled.
reeneedan Champion Author San Jose Posts:1,200 Points:385,245 Joined:May 2011	Message Posted: Oct 26, 2012 11:46:56 AM Ignore reeneedan Report Abuse same old story
DatThao All-Star Author Wilmington Posts:712 Points:138,815 Joined:Oct 2012	Message Posted: Oct 26, 2012 11:43:34 AM Ignore DatThao Report Abuse Good to know.
treehood Champion Author San Diego Posts:2,034 Points:394,810 Joined:May 2011	Message Posted: Oct 26, 2012 11:10:28 AM Ignore treehood Report Abuse I do not necessarily believe our spare oil capacity is growing. I believe it is less than before. Our true needs are being hidden by the current world recession. When we begin producing and all the world begins demanding more products, we will see how little oil reserve we have. think about it.
peakkeller Champion Author Colorado Springs Posts:1,680 Points:775,400 Joined:Dec 2009	Message Posted: Oct 26, 2012 10:54:43 AM Ignore peakkeller Report Abuse Sanctions are working.
Norm10 Champion Author British Columbia Posts:3,337 Points:162,700 Joined:Dec 2010	Message Posted: Oct 26, 2012 10:44:55 AM Ignore Norm10 Report Abuse But the USA wants to buy oil from their best friends in Iran rather than have a pipeline to bring in oil from their neighbours in Canada.
mitt4prez Champion Author Tacoma Posts:1,738 Points:1,244,270 Joined:Nov 2007	Message Posted: Oct 26, 2012 10:21:20 AM Ignore mitt4prez Report Abuse The spare capacity is coming from a slowing world economy and sluggishly increased production. Get rid of The Won and see that spare oil capacity stop growing.
torch347 Champion Author Indianapolis Posts:1,065 Points:1,031,375 Joined:Jul 2007	Message Posted: Oct 26, 2012 10:15:38 AM Ignore torch347 Report Abuse I agree that anything that hurts Iran is good for the rest of the world.
werich44 Champion Author California Posts:1,847 Points:467,005 Joined:Jun 2011	Message Posted: Oct 26, 2012 10:03:51 AM Ignore werich44 Report Abuse Anything that hurts Iran is good for the rest of the world.
Don20 Champion Author Oklahoma City Posts:9,662 Points:2,617,680 Joined:Mar 2005	Message Posted: Oct 26, 2012 9:53:53 AM Ignore Don20 Report Abuse World's spare oil capacity grows as Iran sanctions bite.. If we lift the sanctions they will flood the market, just out of spite...
lindact Champion Author New Haven Posts:8,731 Points:1,715,995 Joined:May 2008	Message Posted: Oct 26, 2012 9:44:28 AM Ignore lindact Report Abuse No correlation to how it affects our pump prices.
bigsranch Champion Author Houston Posts:3,136 Points:1,003,530 Joined:Apr 2007	Message Posted: Oct 26, 2012 9:41:21 AM Ignore bigsranch Report Abuse The global recession has more to do with the "spare oil capacity" than Iran sanctions. Sanctions alone would have the opposite effect if demand were constant.
jony Champion Author Florida Posts:7,316 Points:1,631,365 Joined:May 2006	Message Posted: Oct 26, 2012 9:41:11 AM Ignore jony Report Abuse just quit buying oil from Iran and Venezuela permanently
StrangeLuv Champion Author Kansas City Posts:3,679 Points:899,950 Joined:Jul 2008	Message Posted: Oct 26, 2012 9:39:43 AM Ignore StrangeLuv Report Abuse Hmmm.
k2kipp Champion Author Minnesota Posts:3,157 Points:1,126,005 Joined:Sep 2005	Message Posted: Oct 26, 2012 9:38:59 AM Ignore k2kipp Report Abuse Should hit 2 bucks I say.... fun to dream.
swepson Champion Author Greensboro Posts:5,463 Points:1,550,400 Joined:Jul 2008	Message Posted: Oct 26, 2012 9:38:26 AM Ignore swepson Report Abuse Part of a big picture. But of what?
Point__man Champion Author Raleigh Posts:4,325 Points:875,745 Joined:Oct 2010	Message Posted: Oct 26, 2012 9:35:25 AM Ignore Point__man Report Abuse Keep the sanctions in place ;) Increase production everywhere else. Keep demand low globally even when the economy springs back and THEN we will gain independence globally from the petroleum industry.
cupboy Champion Author Salt Lake City Posts:2,780 Points:1,120,165 Joined:Nov 2005	Message Posted: Oct 26, 2012 9:35:06 AM Ignore cupboy Report Abuse Looks like a good opportunity to permanently exclude Iran oil.
snky2k Champion Author Indianapolis Posts:1,393 Points:302,590 Joined:Mar 2012	Message Posted: Oct 26, 2012 9:34:26 AM Ignore snky2k Report Abuse Uh....ok.
WTLITNG Champion Author Virginia Posts:1,844 Points:1,013,245 Joined:Dec 2008	Message Posted: Oct 26, 2012 9:34:05 AM Ignore WTLITNG Report Abuse That is of little consequence if you don't have employment and can't pay for gas.
scrossi Champion Author Indiana Posts:3,874 Points:1,046,540 Joined:Dec 2008	Message Posted: Oct 26, 2012 9:34:04 AM Ignore scrossi Report Abuse Good.
mberg Champion Author Houston Posts:3,802 Points:958,655 Joined:Aug 2010	Message Posted: Oct 26, 2012 9:34:04 AM Ignore mberg Report Abuse This should help us turn the screws a little tighter on Iran.
TBecker1415 Champion Author Missouri Posts:1,665 Points:348,715 Joined:Nov 2011	Message Posted: Oct 26, 2012 9:32:53 AM Ignore TBecker1415 Report Abuse ok
slgas Champion Author Houston Posts:6,025 Points:1,560,815 Joined:Oct 2008	Message Posted: Oct 26, 2012 9:32:38 AM Ignore slgas Report Abuse Great news!
MightyDude Champion Author Minnesota Posts:10,340 Points:2,646,795 Joined:Mar 2003	Message Posted: Oct 26, 2012 9:32:09 AM Ignore MightyDude Report Abuse but, but experts in the 70’s said that we would run out of crude in twenty years, me cornfused ;)
EXTREMESNOW Champion Author Medford Posts:8,910 Points:1,821,540 Joined:Jul 2006	Message Posted: Oct 26, 2012 9:31:56 AM Ignore EXTREMESNOW Report Abuse Like our financial system is something everyone wants to be a part of. We give billions away and yet we are broke....????
Bus936 Champion Author Lexington Posts:16,439 Points:3,219,030 Joined:May 2004	Message Posted: Oct 26, 2012 9:30:23 AM Ignore Bus936 Report Abuse Our prices are currently coming down somewhat, and they also need to stabilize at lower prices.
sparkie951 Champion Author Roanoke Posts:4,170 Points:850,010 Joined:Dec 2010	Message Posted: Oct 26, 2012 9:29:55 AM Ignore sparkie951 Report Abuse Keep Producing.. Keep the price coming down.
werv4fun All-Star Author Arkansas Posts:596 Points:296,765 Joined:Aug 2008	Message Posted: Oct 26, 2012 9:29:42 AM Ignore werv4fun Report Abuse Prices will continue to drop until November 6.
liao Champion Author Montreal Posts:3,437 Points:1,426,285 Joined:Sep 2008	Message Posted: Oct 26, 2012 9:28:26 AM Ignore liao Report Abuse Are we going to have cheaper price at the pump sooner?
mnbeancounter Champion Author Minnesota Posts:4,727 Points:1,060,865 Joined:Oct 2009	Message Posted: Oct 26, 2012 9:28:15 AM Ignore mnbeancounter Report Abuse When people don't have jobs they don't need gas. We need JOBS!
Eagle3236 Champion Author Missouri Posts:1,138 Points:207,225 Joined:Oct 2012	Message Posted: Oct 26, 2012 9:27:05 AM Ignore Eagle3236 Report Abuse We still need to do all that we can do to become less dependent on foreign oil.
GoLancer4 Champion Author Ohio Posts:1,787 Points:438,515 Joined:Sep 2011	Message Posted: Oct 26, 2012 9:26:55 AM Ignore GoLancer4 Report Abuse alright