Posted on 03/23/2012 3:31:13 PM PDT by tobyhill
Oil prices on Friday briefly spiked to the highest level in three weeks following a report that Iranian oil exports dropped significantly this month.
Iran, the world's third-largest oil exporter, has been locked in a high-stakes standoff with the West over its nuclear program. The U.S. and Europe think Iran may be working on a nuclear bomb and are applying pressure on Iran to open its facilities to inspection. European Union countries and Japan have scaled back purchases of Iranian crude. And a banking services firm also has made it tougher for Iran to sell its oil by blocking financial transactions with major Iranian banks.
Petrologistics, a Geneva-based consultant, suggested that sanctions are starting to impact the country's oil industry, according to a Reuters report. Petrologistics said Iran's shipments tumbled by 300,000 barrels per day, or 14 percent, this month. Less oil on the market means remaining barrels get more expensive. Petrologistics did not return telephone calls from the AP for comment.
Benchmark U.S. crude rose by $1.52 to finish at $106.87 per barrel in New York. Earlier, prices jumped by $2.95 per barrel in 13 minutes to $108.25, the highest price for benchmark crude since March 2. Brent crude, which is used to price oil imported by U.S. refineries, rose by $1.99 to end at $125.13 in London.
(Excerpt) Read more at chron.com ...
Perfect. 0bama’s evil plot is coming to fruition. Obamao will makes us equal. We all be poor
0bama’s tactic of creating vulnerability in an industry for purpose of government takeover is very clear here. Cutting all life lines to the oil industry.. Softening the target for government control. And if Dictator 0bama can’t conquer a particular industry, he’ll kill it. It’s all about smothering free-market capitalism on all fronts. THIS IS WHAT ‘CHANGE’ MEANT!
Anyone notice the high price of hamburger and bread?
Then he will be able to use his executive order he put in place last Friday!!!
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