Inhofe introduces bill to 'dry up' Iran oil revenue by increasing US production

Inhofe said the United States would have to produce only 1.25 million more barrels of oil a day in order to “dry up” Iran’s oil revenue.

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“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,” Inhofe said Thursday. “It’s able to do this because it gains $3 billion a month in oil revenue. … Iran would not pose this threat if they did not have this oil revenue.”

Inhofe said if more oil were on the market countries wouldn’t be forced to buy oil from Iran, making U.S. sanctions against Iran even stronger. The U.S. has sanctions against Iran because the country refuses to give up its effort to obtain nuclear supplies. Iran is also believed to be funding the mass killings Syrian President Bashar al Assad is committing against his own people who oppose his regime.

“This bill will isolate Iran, strengthen our own national security, expedite the achievement of energy independence and create thousands of jobs around the country,” Inhofe said. “This is truly an ‘all of the above energy plan’ that will help us defeat Iran.”

Environmentalists will likely oppose Inhofe’s bill because it would increase oil consumption rather than promote the use of alternative clean energy sources that don’t pollute the planet.

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