Another look at the end of Petro-Isalm in Iran

Another piece in the series of 'Eventual collapse of Petro-Islam' in Iran by Int'l Herald Tribune. Of course, I don't agree with the conclusion but the article is worth reading in full. Here are some excerpts:


...For the mullahs, the short-run political return on investment in oil production is zero. They are reluctant to wait the 4 to 6 years it takes for a drilling investment to yield revenue. So rather than reinvest to refresh production, the Islamic Republic starves its petroleum sector, diverting oil profits to a vast, inefficient welfare state....

For a world rattled by President Mahmoud Ahmadinejad's bellicosity, Iran's petroleum problems sound like good news. The UN Security Council's newfound willingness to confront Iran over weapons development also seems a welcome sign.
Yet the economic damage Iran inflicts on itself is far worse than anything the meaningless UN sanctions could accomplish. Sanctions might actually worsen the position of Iran's adversaries if Tehran were to succeed in portraying them as the cause of its economic woes.
The mullahs are doing a good job of destroying Iran's economy. They should be left alone to complete their work.
Attacking Iran would allow the regime to escape responsibility for the economic disaster it created. Worse, an attack could unite Iran behind the clerical terror-sponsors whose grasp on power may be slipping. For these reasons, the best policy towards Iran may be to do nothing at all.