U.S. to show links between oil and Iranian military

Treasury Secretary Timothy Geithner will present evidence before Congress today, testifying on the link between the National Iranian Oil Company and the Islamic Revolutionary Guard Corps, according to Bloomberg.

The Revolutionary Guard are employed as an internal military force, and have been accused of both humans rights abuses and supporting terrorists in this capacity.

But the group has grown to become a major political force over the past decade as well, emerging as one of the driving forces behind Iran's nuclear ambitions.

Geithner plans to demonstrate that the Revolutionary Guard draws a substantial proportion of its funding from NIOC, which accounts for more than half of all Iranian revenue. The investigation did not turn up evidence of a connection with the National Iranian Tanker Company.

Congress had required that the Obama administration demonstrate this connection when it approved a new round of sanctions earlier this year.

The Associated Press reports that the Revolutionary Guard has suggested the possibility of preemptive attacks on U.S. military bases in the Middle East in the event of an attack by Israel, further raising tensions in the region.

PennEnergy's Research area writes on the effect of the oil embargo on the markets.

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