U.S. Exempts Japan, 10 EU Nations From Iran Oil Sanctions

It looks like the US has had to back off on its ban of countries buying oil from Iran.  Gee, how would the US like it if our "allies" banned us from buying oil from Venezuela and Saudi Arabia?  After gas prices soar to $20/gallon?  Threatening your trading partners to not buy oil is like telling them they can no longer breathe. Enter this in the Failed Threats bin. 

http://www.bloomberg.com/news/2012-03-20/u-s-exempts-11-nations-from-iran-oil-sanctions-on-banking.html