Earnings from Iranian oil exports, projected at $57-$87 billion for 2007–2008, are placed into the Oil Stabilization Fund (OSF), originally designed as a Treasury safety net if oil prices dropped below $20/barrel. In practice, the government has drawn upon the OSF to cover over expenditures. Iran relies on oil for 80% of its export revenue, and 40% of total revenues. (Note: Iran's refining capacity is limited, and Tehran is a net gasoline importer, spending $2.6 billion for foreign gas in 2005.) | Earnings from Iranian oil exports, projected at $57-$87 billion for 2007–2008, are placed into the Oil Stabilization Fund (OSF), originally designed as a Treasury safety net if oil prices dropped below $20/barrel. In practice, the government has drawn upon the OSF to cover over expenditures. Iran relies on oil for 80% of its export revenue, and 40% of total revenues. (Note: Iran's refining capacity is limited, and Tehran is a net gasoline importer, spending $2.6 billion for foreign gas in 2005.) |