Posted on 02/22/2012 3:25:15 PM PST by robowombat
Iran Oil Embargo Sends US Gas Prices Soaring
By John Waage CBN News Sr. Editor Tuesday, February 21, 2012
Tensions between Iran and the West have sent oil prices to more than $105 a barrel, a nine-month high.
Drivers have already started to feel the squeeze at the gas pump. Gas prices shot up 2 cents overnight after Iran announced on Sunday it would stop selling oil to Britain and France.
A stream of ominous events in the Persian Gulf have pushed prices at the pump to a record level for President's Day weekend, well over $4 a gallon in parts of California.
"They are getting pretty ridiculous," Hollywood resident John Jesenski said. "I suppose they have been for a while now. But it just seems to be getting higher and higher."
"It's going to cost me over $70 to fill up my car, so yeah, it's out of hand," one Bay Area resident commented.
Forecasters at GasBuddy.com predict the price may be on its way to $5 a gallon by Memorial Day weekend.
"Things will only get worse in the future," said Patrick Dehann, senior petroleum analyst for GasBuddy.com. "A lot of gas prices will be tied to the economy. Gas prices will remain at elevated levels.
Although prices are lower in Texas than California, consumers in the Lone Star State are hurting as well.
"Mama is not happy about that, no," one Houston resident said. "It used to take $30. Now it takes about $50."
"I've got to get another vehicle," another Texas resident said. "And it's going to be something considerably smaller."
Ok Class can you say Jimmy Carter....I am having Dejvu all over again.
Ok Class can you say Jimmy Carter....I am having Dejvu all over again.
OK but we don’t buy their OIL!...the people that do should have and increase
Yup, everything except crush the Islamic regime.
As long as Iran is still exporting, still adding to global supply, I don’t understand why their embargo on some countries has much effect.
This crap that Iran cutting oil is about the most stupid excuse I have ever heard. We have so much oil and refined products here in the US that we are exporting. This is graft at it worst. Screw the world market, keep our oil products here and price will go down since the oil industry wouldn’t have enough space to store it. And when gas price goes back to 2.50 per gallon allow export to continue.
And if the oil companies cut oil drilling or production fine the hell out of them.
It wouldn’t, and it would definitely NOT be felt this quickly.
Something is afoot and it doesn’t seem legal.
It’s the Arab Spring...it’s speculators...it’s Iran...it’s global warming...it’s greedy oil company collusion...
It’s anything and everything except what it REALLY is - OBAMA’S POLICIES.
The winds of war. Assumed risk will get more expensive.
Gee, it’s too bad that some friendly nation nearby didn’t have a huge surplus of oil that it was willing to export to the U.S.A. /s
Yeap, Obama and his buddies in big finance are making a fortune off of this. They will be able to afford extravagant vacations galore.
If 0bama didn’t have Iran, Iranian nukes, middle-east turmoil to blame his high gas prices on... he.... well, he would just HAVE to INVENT Iran, Iranian nukes, and middle-east turmoil.
I’m sure some democrat senator will storm onto the senate floor and demand answers...then form a commission to look into it...
If embargoes against countries we don’t like worked, Cuba would have surrendered to us fifty years ago.
Like Cuba, Iran has friends who will supply it with whatever it needs — Russia, for example, and China. In fact, Russia will get a windfall from the rising oil prices our sanctions have unleashed, as will other oil-producing countries like Hugo Chavez’s Venezuela and Saudi Arabia, whose fortunes we should not be enhancing. Big Oil will also benefit, as will oil speculators.
The biggest losers, of course, as always happens when Obama puts another of his bad policies in place, will be Americans. Happy driving.
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