Oil will reach $200 if US invades Iran, Chavez says (would halt VZ exports)

Source: Bloomberg News

By Steven Bodzin

CARACAS, Venezuela (Bloomberg): Oil prices will jump to $200 a barrel if the US invades Iran, which would cut off supply, Venezuelan President Hugo Chavez said.

"If the US happens to invade Iran, oil will not just reach $100, but $200 per barrel," Chavez said. "Not one drop of oil will leave Iran" in an invasion.

"The same would happen here," as the people of the country will halt exports, he said.

US leaders including President George W. Bush and Vice President Dick Cheney have said that Iran's nuclear program represents a potential threat and have refused to rule out the use of force. Congress hasn't passed proposals restricting action against the country, the second-biggest oil producer in the Organization of Petroleum Exporting Countries.


Read more: http://www.caribbeannetnews.com/news-4528--12-12--.html

Bush and Co would like oil to be $200, $300, hell $1000 a barrel.

That's why they invaded Iraq.

Buffoon.

It wouldn't hurt Venezuela.

China is waiting in the wings for U.S.' share of their oil.

clownish and cartoonish.

Chavez could cut all exports from Venezuela, and that would indeed raise the price of oil. At the same time, it would hurt his country, and especially him.

I do not think he could cut off exports just to the U.S. Sure, he can find other buyers - like China - and not sell to the U.S. But then China won't be buying as much from its current suppliers, who in turn will sell more to the U.S., as they also like making money. It is possible this action would cause a marginal increase in the price of oil, but it's also possible it wouldn't.

In short, no, I don't take this particular threat seriously.

Now, attacking Iran would upset shipments from the Middle East, to be sure. Especially if it turns into a regional conflagration. That would certainly increase the cost per barrel, and I have no idea at all how high it would go.

much revenue while devastating the US economy.

The U.S. could always take theirs if they really were going to invade.

Yes, we can blow things up from the air but a ground invasion is out of the equation.

Iran can also shutdown the Straits of Hormuz just by splitting open a couple of oil carrying supertankers using the quite capable missiles they have embedded in the area.

It would be quite awhile before any further traffic would navigate those waters due to the massive oil contamination and no tanker would be able to insure their vessels until the conflict was over.

As it is said over and over... "Iran is not Iraq"!

He's got contracts with China. Trust me, they'll be happy to take it all.

To make a long story short, it won't do China much good either if Huge Chicken Legs opts to cut off his tiny spigot...

Correct me if I'm wrong, but last I checked VZ was the 8th or 9th largest oil producing country in the world and 5th on the export list, and supplies in excess of 13% of US oil. They are also a founding member of OPEC. If VZ stopped shipping oil to the US, trust me, we would be hurting pretty badly. Check it out

http://www.eia.doe.gov/emeu/cabs/topworldtables1_2.htm

Does that idiot think the oil belongs to Venezuela? What a maroon.

It's the U.S. government that is screwing up the pricing. Chavez is simply telling the truth.

I feel all fuzzy thinking bout their heads exploding :rofl:

in Washington, to rally the forces again, to put their heads together, form their future attacks using their Flying Keyboards. It makes you tremble imagining just how dangerous they might get.



Don't mess with wingers!

field off the coast of Brazil, which may harsh Chavez's plans.

http://www.energy-business-review.com/article_news.asp?guid=F887515A-7E85-41FC-A10E-D5248220ABC3

And Brazil and Venezuela appear to be good allies. Now if egomaniacal fools in this country didn't put so much effort into messing with his country's internal affairs, he might be a strong ally.

He sure likes to show off his egomania, though...