Strike on Iran Would Roil Oil Markets, Experts Say

Source: Washington Post

A U.S. military strike against Iran would have dire consequences in petroleum markets, say a variety of oil industry experts, many of whom think the prospect of pandemonium in those markets makes U.S. military action unlikely despite escalating economic sanctions imposed by the Bush administration.

The small amount of excess oil production capacity worldwide would provide an insufficient cushion if armed conflict disrupted supplies, oil experts say, and petroleum prices would skyrocket. Moreover, a wounded or angry Iran could easily retaliate against oil facilities from southern Iraq to the Strait of Hormuz.

Oil prices closed at a record $90.46 a barrel in New York yesterday as the Bush administration tightened U.S. financial sanctions on Iran over its alleged support for terrorism and issued new warnings about Tehran's nuclear program. Tension between Turkey and Kurds in northern Iraq, and fresh doubts about OPEC output levels also helped drive the price of oil up $3.36 a barrel, or 3.8 percent.

Although the Bush administration is not openly threatening a military strike against Iran, the president recently spoke of needing to avoid "World War III," and Vice President Cheney said that the United States would "not stand by" while Iran continued its nuclear program. "We will not allow Iran to have a nuclear weapon," he said.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/10/25/AR2007102502840.html?hpid=topnews

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Bush, Cheney and the neocons don't give a sh*t!

In other news, the sun rose in the morning today.

But these dimwits in charge are probably either too stupid to realize it or else they're salivating at the profits for Big Oil.

Where profits will evaporate as the rest of the economy sinks into the swamp ....

period.

but the blisters, lack of hair and organ failure that really gets to me.

be relieved with alcohol and a really dark comical outlook.and the occasional game of russian roulette.

If the oil markets are juggling on a tightrope.. the juggler who set the nets underneath gets all the balls when they fall off.

Who would win in the disruption? (I have my guesses)

About their friends in the oil industry, not the little people.

It may kick Exxon-Mobil profits into the stratosphere of being a larger economy than 3/4s of the world's nations, if it isn't already. (on to 4/5ths, then!)

And these are the 2006 figures. That is before the oil price surge...

Revenue of the 6 biggest oil companies in Billions (2006 figures)

Exxon-Mobil    $377 B
Shell          $319 B
BP             $274 B
Total          $215 B
Chevron        $204 B
ConocoPhillips $189 B
               ---- +
The Oil 6    $1,578 B

So that's 1.6 trillion a year and according to the GDP list, it'll put them between Italy and Canada

GDP list:

7	 Italy	1,852,585M
8	 Canada	1,269,096M

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Maybe we should invite them to the G8... or are they there already?

If Big Oil were to say, "Whoa, there, stop!" Bushies would have to reconsider. Puppetmasters rule.

Does Saudi Arabia support a strike on Iran? They're Sunni, Iran is Shiia so my guess is yes.