Report: Iran oil profits could dry up by 2015

WASHINGTON (AP) — Iran is suffering a staggering decline in revenue from its oil exports, and if the trend continues income could disappear by 2015, a National Academy of Sciences analysis found.

Stern’s analysis, which appears in this week’s edition of the Proceedings of the National Academy of Sciences, supports U.S. and European suspicions that Iran is trying to develop nuclear weapons in violation of international understandings.  But, Stern says, there could be merit to Iran’s assertion that it needs nuclear power for civilian purposes “as badly as it claims.”

He said oil production is declining and both gas and oil are being sold domestically at highly subsidized rates.

At the same time, Iran is neglecting to reinvest in its oil production.

peak oil?

Story via CNN.com

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