A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.

US Congressman Slams Biden Over Iranian Oil Revenue Surge

Thursday, 05/16/2024

A US lawmaker has criticized the Biden administration for inadequately addressing the increase in Iran's petroleum trade which has allegedly generated $88 billion since President Joe Biden took office.

In a recent television interview, Mike Lawler attributed the increase to what he perceives as a weak stance on Iran by the current US administration.

“His [Biden’s] appeasement of Iran is extremely dangerous… You look at the unholy alliance between China, Russia and Iran, and you see that they are seeking to undermine and destabilize the free world,” he stated.

Lawler championed the SHIP Act, a legislative measure aimed at curbing the illicit petroleum trade that allegedly funds Iranian-supported terror activities.

“I fought to get the SHIP Act passed and signed into law so we can finally crack down on the illicit petroleum trade funding Iranian terror. This Administration must hold Iran accountable,” he wrote on X.

The issue of Iranian oil revenue has become a hot topic, with reports indicating a substantial increase in the past year.

In 2023, Iran has been exporting approximately 1.4 million barrels of oil daily, with a significant portion being purchased by China, according to tanker shipment tracking firms. Although the exports would value around $41 billion at Brent crude prices, it is likely that Iran is selling at a lower rate.

Lawler's comments reflect a growing unease among US lawmakers who are pushing for immediate action to prevent Iran from accessing additional financial resources that could be used to support terrorism. More than 60 House members in January called on the President to reverse the current policy and take a tougher stance against Iran.

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