(1)
despite recently enacted sanctions, Iran continues to export 1,250,000 barrels of oil per day;
(2)
70 percent of the revenue of the Government of Iran comes from oil exports;
(3)
exports of oil from Iran enable the Government of Iran to finance its nuclear weapons program and support rogue actors such as the Assad regime of Syria;
(4)
the international community has reduced its reliance on oil from Iran, but has balked at a full embargo out of fear that the supply of oil on the world market would be insufficient to meet demand without massive price increases and disruptions to the world economy;
(5)
by expanding oil production in the United States by 1,250,000 barrels per day, the United States will displace all oil exports from Iran on the world market; and
(6)
displacing oil exports from Iran will enable the imposition of a full embargo against oil from Iran, further isolating the country and reducing its ability to threaten global stability.