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Monday, August 22, 2011

Syrian Oil Banned

President Doolittle has signed an Executive Order banning the purchase/import of Syrian oil. With Syria being ranked in the o30’ on the list of oil producing countries globally, what does that really mean? I say it amounts to nothing; absolutely nothing. We, as a country, use more oil in one day than Syria exports all year!

How much oil do we import from Syria? Index Mundi has Syria ranked at 32nd in the world for oil production at 400,400 bbl/day.
Another chart at Index Mundi indicates that oil from Syria dropped sharply in 2004/2005 and has fluctuated since
Country
2001
2004
2005
2006
2007
2008
2009
Syria
522,700
525,000
403,800
405,000
433,200
381,600
400,400

How much of this does Syria export?
Country
2004
2005
2006
2008
Syria
285,000
254,500
175,000
155,000

How much oil does the US consume each year?
Country
2001
2003
2004
2007
2009
United States
19,650,000
20,030,000
20,730,000
20,680,000
18,690,000


In short, the banning of oil from Syria will do actually no damage to US oil reserves. I seriously doubt that any person with scruples high enough to slaughter his own citizens is going to find reason to stay bound to “the law”. I believe that al-Assad will find plenty of buyers for his petroleum, perhaps starting with North Korea. This is an empty gesture from an empty suit that will amount to nothing more than wasted time and dead Syrians under the heel of a;-Assad.
Presidential Memorandum--Blocking Property of the Government of Syria and Prohibiting Certain Transactions with Respect to Syria
TO THE CONGRESS OF THE UNITED STATES:
Pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA) and in light of the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 (Public Law 108-175) (SAA), I hereby report that I have issued an Executive Order (the "order") that takes additional steps with respect to the Government of Syria's continuing escalation of violence against the people of Syria and with respect to the national emergency declared in Executive Order 13338 of May 11, 2004, as modified in scope and relied upon for additional steps taken in Executive Order 13399 of April 25, 2006, Executive Order 13460 of February 13, 2008, Executive Order 13572 of April 29, 2011, and Executive Order 13573 of May 18, 2011.

In Executive Order 13338, the President found that the actions of the Government of Syria constitute an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States and declared a national emergency to deal with that threat.  To address that threat and to implement the SAA, the President in Executive Order 13338 blocked the property of certain persons and imposed additional prohibitions on certain transactions with respect to Syria.  In Executive Order 13572, I expanded the scope of that national emergency and imposed additional sanctions.

The order blocks the property and interests in property of the Government of Syria.  The order also provides criteria for designations of persons determined by the Secretary of the Treasury, in consultation with the Secretary of State:
  • to have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, any person whose property and interests in property are blocked pursuant to the order; or
  • to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, any person whose property and interests in property are blocked pursuant to the order.
The order also prohibits the following:
  • new investment in Syria by a United States person, wherever located;
  • the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of any services to Syria;
  • the importation into the United States of petroleum or petroleum products of Syrian origin;
  • any transaction or dealing by a United States person, wherever located, including purchasing, selling, transporting, swapping, brokering, approving, financing, facilitating, or guaranteeing, in or related to petroleum or petroleum products of Syrian origin; and
  • any approval, financing, facilitation, or guarantee by a United States person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by section 2 of the order if performed by a United States person or within the United States.
I have delegated to the Secretary of the Treasury the authority, in consultation with the Secretary of State, to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA, as may be necessary to carry out the purposes of the order.

All agencies of the United States Government are directed to take all appropriate measures within their authority to carry out the provisions of the order.

I am enclosing a copy of the Executive Order I have issued.



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