Posted on 12/04/2011 4:50:30 AM PST by TigerLikesRooster
Iran says oil would go over $250 if exports banned
(Reuters) - Iran's Foreign Ministry believes that if the West seriously considered blocking Tehran's ability to export oil, the global price of crude would more than double, Foreign Ministry spokesman Ramin Mehmanparast was quoted as saying on Sunday.
"As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel," he told the reformist daily Sharq.
Talk in the West of tightening sanctions on Iran over its nuclear program has increased since the United Nations nuclear watchdog issued a report in November containing what it said was evidence that Tehran had worked on designing an atom bomb.
Iran is anxious to be a Black Swan.
P!
Not if we drill here in the USA...providing....yes...JOBS besides!!!
Canada oil + US oil. Problem solved.
Gosh that was easy.
The sad part is that if the US had instituted a real energy production program ten years ago, it would probably be in the position of being able to make up the difference.
too bad common sense drilling and refining has been prevented in the US.
Drill it. Pipe it. Refine it. Sell it.
We get “0” oil from Iran (since 1979) and they supply 5% of the world’s oil. They are also totally dependent on selling it. It is their only source of income.
What do you think the price of oil would be today if Keystone had been approved? Would it be higher, lower, or the same?
They sure are. And geographical fate gave them a knife to put at the global jugular vein, the Straits of Hormuz.
But their counter-move in that event will be to fire supersonic sea-skimming ship-killer missiles at tankers attempting to transit the Straits of Hormuz.
Not only that, Iran has little refining capacity; they must import most of their gasoline. But I guess they can talk $hit because they know some country (Russia, China) will always provide them gasoline in case of an embargo.
The instant USA says we will open up the valves and start pumping, approving oil pipelines, and drilling restrictions eased, oil price shoots down. Perception of supplies going up will shatter any price increase due to Iran.
Of course, the above assumes we have adults in the White House, so basically, we are screwed.
ICBW, but didn't Iran start building 7 new refineries about 2 years ago?
OPEC accepts only dollars for oil
we remain big consumer by discouraging domestic production
to keep our purchases high and prices high for the benefit of our Gov and the oil producing states. We promise to use our armed forces to protect the oil producing nations against outside threats.
Benefits: US keeps lots of dollars off shore chasing oil contracts, and
US Dollar remains World's reserve currency for a bit longer.
Prediction: When USD no longer World's Reserve Currency, oil boom will begin at home. Hyperinflation when the dollars come home to roost.
Perhaps WWIV could stay the inevitable collapse.
Spend your excess dollars before they are worthless! Why do you suppose USG is on a spending binge? They know what they have done.
Simple.
Is if Iraq is not able to fill the void, or Saudis or BRazil. The oil market is just coming to terms with more product coming on line.
Just points up the reason we should Drill, baby, Drill in this country. Being held hostage to a tin pot dictator like Imanutjob when we have the means to get out from under and then not using the means is just ridiculous.
If you look at the flip side of the coin, how much would the price of oil decrease if Iran were conquered and the Mullahs all killed?
However, being held hostage by a halfrican dictator like Obama doesn’t help us any, either
Their right we got another Jimmy Carter in Office just turn up your air Conditioner, down your heat, put on a sweater. Then check you license plate for odd even number for gas days. Welcome back, Carter.
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