With a president like Joe Biden, who needs enemies? It’s a question worth asking as Iran, the world’s leading state sponsor of terror, recently announced his administration is rolling back strong Trump-era sanctions, including restrictions on its sale of oil.
For a nation sitting on 157 billion barrels of reserve oil ($11.7 trillion value in the current market), and the ability to export more than $2 million barrels of excess capacity per day worth $140 million, it is a substantial economic reward that could end up fueling terror in the region.
It’s estimated that Iran funneled more than $16 billion to militant terrorist groups such as Hezbollah and Hamas and others in Iraq, Syria, and Yemen in the years after President Obama restored its access to billions in cash in exchange for a nuclear deal (the Joint Comprehensive Plan of Action, or JCPOA). Not surprisingly, the ayatollahs can do a lot with $100 billion freed up in overseas accounts, plus $1.3 billion in cash from a Judgement Fund held for victims of its terrorism and $400 million covertly delivered on a cargo plane.
In 2019, the Houthi rebels Iran supports attacked Saudi oil production facilities, shutting down 6 percent of global oil production. The attacks have continued, including one on a major Saudi oil port just a few months ago.
There is also evidence that Iran continues to develop its nuclear capabilities in violation of the JCPOA. According to a confidential report just released by the International Atomic Energy Agency (IAEA) to United Nations members, its stockpile of low-enriched uranium is up to 1.73 tons as of last month, more than seven times the 447 pounds allowed under the agreement.
Low-Cost Energy for Everyone Except Americans
But once again, the United States is pursuing a strategy of negotiation by capitulation, a naive foreign policy move that will allow oil-driven riches to flow to a terror-centric nation that deserves none. Playing from a position of weakness against a more formidable Western adversary, Iran’s leaders have managed to negotiate terms with another crop of Democrats that will strengthen their nation and its
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