Oil prices could spike, Saudi warns (says war in Iran could double or triple oil prices)

us news ^ | June 20, 06 | Marianne Lavelle

[churchillbuff]

World oil prices could double or triple over the current painful $70-per-barrel level if diplomacy failed and military conflict broke out over Iran's nuclear ambitions, Saudi Ambassador Prince Turki al-Faisal warned this morning.

"We don't know" what will happen if the United States chooses a military option in Iran, al-Faisal said, but "if there is military conflict, if bombs are dropped, ships are blown up, oil facilities on our side of the gulf are targeted . . . just the idea of somebody firing a missile at an installation somewhere would shoot up the price of oil astronomically." In such a scenario, he said, Saudi Arabia "hopefully would defend our oil installations as best as we can and seek an immediate resolution," but the risks would be grave. "Not just our installations, but the whole gulf would become an inferno of exploding fuel tanks and shut-up facilities," al-Faisal said.

[misterrob]

What's your point paleo-con?

[marron]

Oil prices could spike, Saudi warns (says war in Iran could double or triple oil prices)

Maybe. But Iran wouldn't get a penny of it. Can't ship much oil when we've got the Straits bottled up.

[tomzz]

We need to simply ban the importation of oil. It would **** us up for eight months or a year, but it would **** OPEC and AlQuaedo up permanently. A year afterwards, oil produced here would go for 30 dollars a barrel, and OPEC would be back riding camels and living in tents.

[churchillbuff]

What's your point paleo-con?"""

Name-calling. Gosh, what an incisive thinker you are.

[churchillbuff]

We need to simply ban the importation of oil. It would **** us up for eight months or a year, """

Let me guess - you have a government job (meaning no possibility of layoff), or your a government retiree whose pension is guaranteed. If neither of those, how could you be so blase about triggering a job-killing recession in the US?

[chit*chat]

Too bad we can't say the same about our airpower with confidence.

[misterrob]

No, I have just seen enough of your threads to understand that you have too much in common with Pat Buchanan to be taken seriously.

[familyop]

Yes, oil prices are the most prevalent fear factor. By the lobbying of many of our corporates (especially importers, who stand to pay more for freight), we might allow Iran to build/acquire nuclear weapons and propagate them to Syria, Sudan and others. That should make the War on Terror much more fun in another decade or two.

The truth of the matter is that the longer we wait to replace the regime in Iran, the higher oil will go. But some people only care about what they can get today.

[MNJohnnie]

I see still doing your Chamberlain impression. Going from Appeasement to Surrender Monkey now hmmm.

[MNJohnnie]

Let me guess your a complete ignorant with NO clue at all about world history? If you really WERE a Churchillbuff you would understand why your feverish advocation of a this bizarre dogmatic mix of Appeasement and Isolationism is a combination of possibly the two stupidest ideas in History.

Say, what do you suppose the permanent impact on Oil prices would be if Iran detonates a nuke? You would be looking at a increases of at least 5 to 10 times the current price rather then the short term"spike" you are having the vapors over. Go back to hiding under your bed Chamberlinbuff.

These bad men are not going away just because you scream Appeasement lies at them. They still will want you dead simply for being a Westerner no matter how hard you suck up to them.

[NaughtiusMaximus]

If we started drilling our butts off in the ANWR, it would plunge the price of oil right now.

[Rembrandt]

That sure sounds like a threat. Sounds as if the Saudis think they have the rest of the world by the short hairs and want to rule the roost as a result. I wonder if they have considered that a sufficiently large group of Allies could conquer their pansied asses in a heartbeat.

[Billthedrill]

Huh. So for six bucks a gallon for awhile I get to see Ahmadinejad and the mullahs swinging from lampposts and the Iranian people free?

Deal.

[KoRn]

"They still will want you dead simply for being a Westerner no matter how hard you suck up to them."

Could be the most truthful thing I've read tonight. Is there any doubt they wouldn't still want us dead, even if we totally removed ourselves from the Middle East? They would want us dead all the more, and have an unchecked power base to work from.

[TheBattman]

in other words - The Saudi royal family is already counting their new-found riches - and praying to Allah for such a war with Iran.... Vultures...

[photodawg]

Let me guess - you have a government job (meaning no possibility of layoff), or your a government retiree whose pension is guaranteed. If neither of those, how could you be so blase about triggering a job-killing recession in the US?


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Recession is too mild a word to describe what will occur if Iran decides to hold oil hostage after an attack on their nuke facilities. Demand/supply relationship is so tight now that even a few weeks of supply disruption would produce chaos. In the seventies, when we produced 75% of our oil domestically, the arab embargo triggered 10 % inflation rates along with economic recession that took years to set straight. This would be catastrophic to the world economy. The only thing worse would be letting Iran develop a nuclear weapon. Pres. Reagan's star wars defense sure looks prophetic now. Back then the libs couldn't wait to spend the "peace dividend" and loot the military budget in favor of entitlements to keep them in power.

[lewislynn]

says war in Iran could double or triple oil prices)

What war is that?

[RobbyS]

And if Iran gets the bomb and can point its missles at whomever they please, who controls the region?

[photodawg]

If we started drilling our butts off in the ANWR, it would plunge the price of oil right now.

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Only short term. We should develop all our energy resources immediately. Our national security depends on it, but the short term looks bleak. We have to delay the conflict with Iran as long as is strategically possible to get ourselves more energy independent, finish the Iraq conflict, plan for the short term oil disruption from the middle east, and prepare the correct plan of attack. We do have a couple of years before we must destroy that regime. In that time we can blunt the oil impact as best we can.