Posted on 02/24/2011 7:26:23 AM PST by 444Flyer
Award-winning journalist Arnaud de Borchgrave tells Newsmax that the increasingly volatile situation in the Middle East could push the price of oil quickly to $300 or even $400 a barrel.
Such a price would mean a gallon of gasoline costing as much as $15 at American pumps, perhaps higher depending on local, state and federal taxes, according to analysts interviewed by Newsmax.
De Borchgrave, who has interviewed Moammar Gadhafi six times, also says the Libyan leader is manic-depressive who is going through a manic phrase where he is “taking on the world.”
(Excerpt) Read more at newsmax.com ...
If that happens its all over.
I wonder what the demand a year or two out would be for refined products at $15/gal.
Exactly what the AnnointedIdiot and his ‘green’ idiot-ridden administration and cronies czars want. =.=
“Could”. The kitchen-sink number is only $220.00
“The man is now in a manic phase and he thinks he’s going to take on the giant, the United States....”
$15?! That would be the end of the economy....
Consumption will pretty much stop at 5 bucks, so this ain’t happening. At some point, the OPECrs will need to keep the cash register ringing.
Great. Maybe it will be $1 million a gallon!
Doesn’t matter. At some level it is unsustainable because everything grinds to a halt and no one buys gas at $15 a gallon. My guess is that people stop buying long before it gets anywhere close to $15, so it might as well be $1 million.
There is never any shortage of doomsdayers.
Texas, Louisiana and Alaska should be able to pay off their deficits. Sorry, CA and FL, who wouldn’t allow drilling off your coasts. And you can kiss your tourism industry goodbye because people won’t be driving or flying unless they are on company business....if there still are jobs and businesses.
That would easily bring about a push for more mass transit options, electric cars, motor and pedal cycles, horses and carriages....
Honestly, I can’t see the entire market place still buying oil at those prices. Oil may be an inelastic commodity, but it has a ceiling somewhere.
Me! Me! Point the camera at Me! We’re all gonna die! Keep pointing the camera at Me! Hey, where are you going? Me! Me!
If this were to happen, ANY politician standing in the way of emergency drilling would be, at the very least, tarred and feathered.
The Dems had better realize: $5 per gallon gas for any sustained period is the END of their party....
Oblather and his radical leftist pals want you to pay 2/3 of your income in taxes and the other 2/3 of your income for energy. You can easily live a life of luxury on what’s left over.
This guy has it right on the MB.
“...De Borchgrave warns about the danger the Muslim Brotherhood poses in the Middle East.
“A lot of people are going around saying the Muslim Brotherhood has changed its colors, they’re a totally different political animal, they’re willing to work through the democratic process and fight fairly in elections. I would say, don’t believe that for a second.
“We’ve just seen in the past few days some very extreme Muslim Brotherhood leaders showing up in Cairo for the first time in 50 years, in the case of one of them, and speaking about how much they hate the Jews and their American protectors.”
Pirates killed four Americans off the coast of Somalia. Asked whether the U.S. Navy should do more to head off pirate attacks, de Borchgrave says: “I think we should all be doing a lot more than we’ve been doing.
“We’ve been dealing with legal technicalities far too much up until now,” and the piracy will be curtailed “the minute that word gets around among these pirates that two or three of their boats have been blown out of the water by the U.S. Navy or any of the other navies in the area.””
If that happens, and we still don’t drill.... dear goodness, what would it take.
$400/bbl is not sustainable. Not only will it tank the economy, but that price can be easily undercut by coal liquefaction and similar technologies.
We'll see riots in the streets, marches on Washington & then Zero can declare Martial Law. It's all a huge plan that's been in the works for a long time!
All these articles do is stoke the fire and increase speculation even more than it is. That being said, oil will probably go up and the trend should remain that way in any case as there is always going to be increasing demand and a dwindling supply.
CNG and propane for “liquid” fuels.
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