Biden: The U.S. Has No Better Friend Than Israel

Vice President Joe Biden on Thursday said, "President Barack Obama [and I know] that the United States has no better friend in the community of nations than Israel." The vice president was speaking at Tel Aviv University at the conclusion of a three day trip that reaffirmed what the he called America's "unbreakable bond" with the Jewish state. Biden also spoke about the threat of a nuclear-armed Iran. "The United States is determined to prevent Iran from acquiring nuclear weapons, period," he said. Biden emphasized that Iran is not just a threat to Israel. "[T]he acquisition of nuclear weapons by Iran [is] a threat to the security -- short-term, mid-term, and long-term -- to the United States of America," he stated. Click here to read the complete text of his speech.

Shell Stops Selling Gasoline to Iran

In response to the threat of U.S. sanctions, energy giant Royal Dutch Shell has stopped selling gasoline to Iran, Reuters reported Wednesday. The Anglo-Dutch firm joins a growing list of companies-such as BP, Reliance Industries, and independent Swiss trader Glencore-who have either stopped selling fuel to Iran or have decided not to sign new deals with the Islamic Republic. "It is getting more difficult for suppliers, who are only stopping this because it is politically sensitive," a trading source familiar with Iranian fuel imports said. Both the U.S. House of Representatives and the Senate have passed sweeping Iran sanctions legislation that will prohibit companies from simultaneously doing business with the United States and Iran. The two chambers must agree on one single bill before being able to send the legislation to the president for his signature.

Biden: Ties Between U.S., Israel "Unshakable"

Vice President Joe Biden on Tuesday called the United States' bond with Israel "unshakable," The New York Times reported. "There is absolutely no space between the United States and Israel in terms of Israel's security," Biden said. "None." The vice-president continued, "I can promise the nation of Israel that we will meet, as allies, any security challenge that we may face." Biden is in the Jewish state to discuss Iran's nuclear program as well as negotiations with the Palestinian Authority (PA). The vice president praised Israeli Prime Minister Benjamin Netanyahu's desire to reach peace with the PA, even though its leader, Mahmoud Abbas, refuses to enter into direct talks with Israel. "The United States will always stand with those who take risks for peace," Biden told the Israeli leader, adding, "you're prepared to do that."

U.S. Enriches Companies Defying Its Policy on Iran

The federal government has awarded more than $107 billion in contract payments, grants and other benefits over the past decade to foreign and multinational American companies while they were doing business in Iran, The New York Times reported Sunday. The sum includes nearly $15 billion paid to companies that defied American sanctions law by making large investments that helped Iran develop its vast oil and gas reserves. Royal Dutch Shell, for instance, signed an $800 million deal to develop two Iranian oil fields. They have since won federal contract payments and grants totaling more than $11 billion. The Iran Sanctions Act, which became law in 1996, enables the U.S. government to punish foreign companies that invest more than $20 million per year to develop Iran's oil and gas fields. However, no presidential administration has enforced the law in the 14 years since it was passed.

Traders Cut Supplies of Petrol to Iran

In a sign that the threat of sanctions is affecting the way companies do business in Iran, the world's largest oil traders have stopped supplying petroleum to the Islamic Republic, The Financial Times reported Sunday. Energy executives said Vitol, Glencore and Trafigura, which have sold Tehran 130,000 barrels a day-half of the Islamic republic's petroleum imports-stopped supplying refined oil because of mounting political risk. "The political and public relations problems more than outweigh the business rewards," said one executive. Vitol's decision is particularly important as the company is the world's largest oil trader. However, other oil companies such as Total of France and Royal Dutch Shell continue to sell petroleum to Iran. Moreover, Chinese oil traders began supplying fuel to Iran in 2009 and now provide up to one-third of the country's imports.