Editorial: No sale, no money

Whatever its accuracy, a newspaper story about a menacing comment by Iran’s new president underscores an economic verity too frequently forgotten when oil prices are high: It’s very difficult to make money from oil by not selling oil.The Khaleej Times of the United Arab Emirates on Oct. 1 quoted Iranian President Mahmoud Ahmadi-Nejad as saying his country might refuse to sell oil if the United Nations Security Council pressed scrutiny of Iran’s nuclear program. The International Atomic Energy Agency soon will forward its finding that Iran has not complied with the Nuclear Nonproliferation Treaty.Question marksAlmost immediately, according to an Oct. 3 account by the Fina...

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