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After a fraudulent election and its brutal aftermath, Iranian Supreme Leader Ali Khamenei and his junta must now be persuaded that their pursuit of nuclear weapons will be unbearably costly.

The Obama administration appears poised to implement what Secretary of State Hillary Clinton has called "crippling sanctions" if Iran fails to come to the negotiating table. Sens. Evan Bayh, Joe Lieberman and Jon Kyl, and Howard Berman in the House, have developed sanctions legislation targeting Iran's economic Achilles' heel—the regime's dependence on foreign gasoline imports for up to 40% of its domestic needs. The bill would provide the president with the authority to sanction foreign companies involved in selling refined petroleum to Iran,...