WSJ has an article this morning on Iran’s declining oil revenues, and the cutbacks they may have to accordingly make at home. Not immediately, perhaps – they have been intelligent enough to keep significant reserves, probably roughly $82 billion – but they have bankrolled significant programs that would need to see cuts:

The government has provided subsidies for food and fuel, and petrodollars have helped to fund growing imports, especially of raw materials used in Iran’s manufacturing sector.

If oil revenue fell, Mr. Ahmadinejad would face pressure to curb his spending. He has pressed banks to provide easy credit, jacked up state salaries, and doled out other populist perks.

Most interesting, though, is that Iran is a country that actually CARES ABOUT ITS CURRENT ACCOUNT DEFICIT. Their central bank offered this advice:

Mr. Ahmadinejad’s central-bank governor late last week called for a reduction in imports of luxury and nonessential goods, a move that could help stave off a current-account deficit.

No more luxury or nonessential goods? Ah, well, Ahmadinejad isn’t Chavez, he never promised his people a “chicken and a Chanel” in every pot. (And yeah, I know J. Lo is no longer LV’s spokesbagger, but her ads were the ones I hated the most in recent years.) Presumably, this will also bolster the used-yacht market, and require some adjustment back to Iranian-brand toilet paper.

And hey, maybe the US should look into that whole current-account deficit thing. I expect the American auto industry to start lobbying for it right… about… now.