By John Moody
Executive Vice President of FOX News

Iran seems these days almost an overwhelming problem. It is pursuing nuclear weapons, it is boldly exporting terrorism, and it has, after Saudi Arabia, the world’s largest proven reserves of underground petroleum.

So, let’s cut off its oil supply.

Yes, I know I just said it has huge petroleum reserves. But raw petroleum is useless as energy until it is refined into gasoline and other byproducts. Iran has almost no domestic refining capacity. It imports almost all of its refined energy needs, about 95,000 barrels of gasoline a day, according to Kent Moors, the president of ASIDA Inc. and director of Energy Policy Research Group at Duquesne University in Pittsburgh.

An effective embargo on the delivery of refined petroleum would shut off the lights across Iran within weeks and turn its population – already chafing under Islamic rule, a creaky economy and unpopular gasoline rationing – murderously rebellious.

The leadership is acutely aware of the razor-edge of public sentiment. The Majlis, Iran’s parliament, just approved spending $5 billion to increase gasoline imports and may have to hike them again in August if consumption isn’t curbed.

At a time when we are faced with dire energy choices here, the poetic elegance of using oil as a weapon against Iran is deliciously satisfying. I wish I had thought of this myself, but credit must go to someone who doesn’t want his name used.

Before we declare victory, however, be aware: this is not, to borrow an expression from the CIA, a slam-dunk. Iran imports its refined oil from various sources, including China, Russia and, our favorite neighbor to the south, Venezuela.

To make the plan work, the U.S. must get cooperation from those countries to suspend deliveries to Iran. Venezuela is certain to refuse; China also is likely to balk, since it imports its enormous crude oil needs from Iran, refines it, and sends some of it back by sea.

The response to non-cooperation: a U.S. naval embargo. The terms for lifting it: Iran must end its nuclear ambitions. It is important not only that Iran give up on nuclear weapons, but that it not be allowed even peaceful nuclear technology. Why? Because home-grown nuclear energy would undermine the effectiveness of future embargoes.

An embargo of Iran is an act of war. It carries risks. But it’s a better, cheaper and safer option than an all-out attack.