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Source: http://www.reuters.com/article/2012/03/02/us-usa-iran-sanctions-idUSTRE8201U720120302
U.S.: World Can Replace Oil Lost to Iran Sanctions
(Reuters) Roberta Rampton - Global oil producers appear to have enough spare capacity to make up for Iranian exports curtailed by tough new sanctions, U.S. Energy Secretary Steven Chu said on Thursday. "There is sufficient spare capacity," Chu said, noting that the administration will do whatever it can to help stabilize oil prices, including looking at tapping strategic reserves. Sen. Joe Lieberman (I-Conn.) said, "With sufficient spare capacity among global oil producers, there is no excuse for countries and companies around the world not to curtail their purchases of Iranian crude, and thus deny the Iranian regime the financial lifeblood it needs for its illicit nuclear activities."