Congressman Sherman: Close Door on Iran Investments

Molly Livingstone

In order to put an end to Iran's nuclear program, "we have to close the door to investment in the Iran oil sector, loans to the government from the World Bank and from corporations around the world," Congressman Brad Sherman (D-Sherman Oaks) said Wednesday. Only then, he explained, will we be able to negotiate with strength and say: "You want electricity – fine. You want to do business with the world – fine. But you want nuclear weapons – no way."

Speaking at the Jerusalem Conference, Sherman said: "There is a rumor that the United States is already doing all it can [on Iran]… nothing could be farther from the truth." He accused the United States of not doing placing sufficient economic pressure on Iran. "The Iraq war seems to paint the current administration as if, by G-d, they want to do everything. But, in the economic area they have been very unwilling to take the steps that we need to take," he said.

Despite the recent National Intelligence Estimate (NIE) that Iran has suspended its weaponization program, Sherman said he believes Iran is still collecting the physical material needed for nuclear weapons.

"The suspension of the weaponization program is of virtually no consequence," and, "Iran is on target to having nuclear weapons by the middle of the next decade," he added.

Congressman Sherman claimed that Iran using the development of civilian energy infrastructure to assist its nuclear program. He explained that Iran's oil wells also produce natural gas which the Iranians do not have a way to market. Instead, Iran "flares" the gas, burning it away, although it would be more effective to put the gas in a conventional natural gas electric generation facility.

"Iran could produce, safely, electricity for two to three cents a kilowatt – far less than what they are spending on what they say is a civilian nuclear generation program," he told the audience. "It makes absolutely no sense for a country that is flaring natural gas to develop electricity through nuclear power," he added.

As part of his service in the House Foreign Affairs committee, Congressman Sherman has spent the last 12 years focusing on the threat that Iran poses to the United States and Israel. He currently sits as Chairman of the Subcommittee on Terrorism, Nonproliferation and Trade.