I wonder how much oil prices rose because of Hillary’s STUPID comment on obliterating Iran? Obviously she cares more about Israel than Americans.
The president of Opec, the cartel of oil-producing countries, has given warning that the price of crude could hit $200 a barrel, sparking fears that rising fuel costs will force more businesses into bankruptcy.
Chakib Khelil, the Algerian Energy Minister and president of Opec, said that the falling value of the US dollar would continue to drive up oil prices as investors sought to store their wealth in other assets.
Lehman Brothers, the bank, has said that high prices are being sustained by an influx of money into the oil market from investment funds.
snip
Supply shortages are expected to get worse over summer, which is hurricane season in the Gulf of Mexico.
In addition, demand usually rises in hot months when air-conditioning units are operating at full blast. If financial investors continue to pour money into oil funds, as the president of Opec has suggested, this could cause prices to spike even higher.
Today’s price rises came as workers at Grangemouth, which is operated by Ineos, a chemical company, began a two-day walkout yesterday over pension benefits.
This forced the closure of the 700,000 barrel-a-day Forties pipeline and sparked fears that Scotland and the North of England could face petrol shortages.
snipThe oil price was also supported by concern over a surge in violence in oil-rich southern Nigeria, which led to five policemen being shot dead on Sunday.
Attacks by militia forces forced Royal Dutch Shell and ExxonMobile to shut down oil production temporarily two days ago.
Traders were also spooked by continued tensions between the United States and Iran, the world’s fourth-largest oil producer.
A cargo ship hired by the US Navy fired on Iranian forces on Friday.
The rise in oil prices comes despite a 400,000 barrel-a-day reduction in physical demand from the United States, which is consuming less because of its economic slowdown. This has been more than offset by rising financial demand as funds seek alternative investments to the falling US dollar.Analysts fear that the price will rise even higher as supply shortages get worse in the coming months while both physical and financial demand increase.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article3830383.ece?token=null&offset=12
Hillary is not just dumb, she’s dangerous. I am tired of our politicians taking Israel’s lead by threatening countries in the middle east, when we should have good relations with the people that are the third or forth largest oil producer. The establishment of a VIABLE Palestinian state would get at least five countries off our backs.
Continuing to pressure Iran can only drive up the price of oil.
