Even though it is still a crude importer (imports are finally declining), the U.S. last year became a net exporter of refined petroleum products for the first time since 1949, with a lot of that fuel going to Europe.

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Factory output is rising, consumer spending has been surprisingly strong, and for the first time in decades, the US is a net energy exporter of refined oil products.

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Given that Iran, with its currently limited capacity to refine petroleum, is a net oil importer, for the past several years, the notion of banning the Iranian imports of refined petroleum products has been raised every time the IAEA submitted a report on Iran's nuclear program and every time more information came out describing its spectacular progress in missile development and uranium enrichment.

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