WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.), ranking member of the Senate Armed Services Committee and senior member of the Environment and Public Works Committee, today introduced the Iran Sanctions Implementation Act of 2013 that would allow full enforcement of oil sanctions against Iran by requiring the president to expand U.S. domestic energy production on federal lands to offset Iran’s oil exports to the international community. The bill is cosponsored by Sens. Mitch McConnell (R-Ky.), John Cornyn (R-Texas), and a group of eight other senators.
“It is time for the United States to take the next steps of isolating Iran by enforcing a full global embargo against Iranian oil,” said Inhofe. “Nearly 70 percent of the regime’s finances are generated through its oil exports, and they are using that money to fund a dangerous nuclear program and support rogue nations like Syria and terrorist groups like Hezbollah. This bill will expand global oil production so that no nation will have any need to rely on Iranian oil to fuel their economic growth. As such, this bill will isolate Iran, strengthen our own national security, expedite the achievement of energy independence, and create thousands of jobs around the country. This is truly an ‘all of the above energy plan’ that will help us defeat Iran.”
The bill would require the president to establish Iranian Oil Replacement Zones on federal lands that would support 1.25 million barrels of oil production per day and would allow the United States to displace all of the oil being exported from Iran without jeopardizing the stability of global oil markets.
The United States does not import any oil from Iran but the international community currently imports about 1.25 million barrels of Iranian oil per day. As the largest oil importer in the world, the U.S. has a strong role to play in reducing the world’s need for Iranian oil. Expanding domestic production would reduce American imports, and each barrel of oil the United States does not import is free for another nation to use in lieu of oil from Iran.
The Iranian Oil Replacement Zones would be subject to an expedited permitting process and would maintain their designations until the president certifies to Congress that sanctions against Iran are no longer necessary.
The Institute for Energy Research recently issued a report saying that developing off limits federal energy resources would generate more than $14 trillion in economic activity, create 2.5 million jobs and reduce the deficit by $2.7 trillion over the next 40 years.
You can read the Iran Sanction Implementation Act of 2013 here.