Further sanctions on Iranian oil industry could spur record gas prices in US

The American Israel Public Affairs Committee (AIPAC) has issued its marching orders to Congress in regard to Iran and is likely headed for a collision course with the White House.
AIPAC wants Congress to impose sanctions on any company around the world that does business with Iran's petroleum industry. Since Iran has to import 40 % of what it needs to pump and refine oil, this legislation, which also calls on the US government to pressure other countries to comply, would effectively close down Iran's main source of funding and result in a spike in oil prices.

Legislation in the House and the Senate has already been drafted -- no doubt by AIPAC staffers themselves and then spoon-fed to their pawns in Congress. In the House, the Iran Refined Petroleum Sanctions Act of 2009 (H.R. 2194), which was introduced by Rep. Howard Berman (D-Calif.), is currently in the Committee on Rules and has 132 sponsors.
The bill states it would "amend the Iran Sanctions Act of 1996 to enhance United States diplomatic efforts with respect to Iran by expanding economic sanctions against Iran." The Senate version, S. 908, introduced by Sen. Evan Bayh (D-Ind.), already has 52 cosponsors and is currently in the Committee on Banking, Housing, and Urban Affairs.

In a nutshell, the two bills, which Iranian groups have described as "shameless," would block companies that "sell, ship, or insure refined petroleum deliveries to Iran or invest in Iran's domestic oil industry" from also conducting business in the United States. They essentially encourage an international oil embargo against Iran.
It's a dangerous game that will likely result in a spike in the price of oil, as commodity investors anticipate reductions in world supply. But AIPAC is unconcerned about average Americans, who rely on inexpensive gas to get them to work and are already suffering from an economic crisis brought about by Wall Street.

And that is not all of it. Another bill reportedly being pushed by AIPAC is the Iran Sanctions Enabling Act of 2009 (H.R. 1327), which calls on state and local governments and educational institutions to divest themselves from corporations or other business entities which invest in Iran's oil and gas sector.
Ironically, while AIPAC is calling on governments and other institutions to officially stop doing business with Iran, it is illegal for businesses to refuse to do business with or divest themselves from Israel. In 1977, Congress passed legislation in direct response to an Arab boycott of Israel that created the Office of Anti-boycott Compliance within the Department of Commerce.

The law made it illegal for US persons or organizations to "boycott a country that is friendly to the United States." Because Israel is an "ally" of the United States, the law prohibits actions that "further or support boycotts of Israel."
President Obama has already said he does not support increasing sanctions against Iran right now, instead advocating direct talks to discuss that country's nuclear program. The White House is seeking to shift US policy on Iran after 30 years of an old policy that "has produced no results," he said.

The world is now watching to see who will blink first.