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  • 25


     
    Oil Hits $91 A Barrel
    Economy; Posted on: 2007-11-11 21:29:11 [ Printer friendly / Instant flyer ]
    "The ripple effect is already starting to hit."

    by Jeff Davis

    An oil crisis is beginning, and Bush hasn’t even attacked Iran yet.

    The Bloomberg Report tells us: “Crude oil rose to a record above $91 a barrel in New York on an unexpected drop in U.S. stockpiles and concern that supply from the Middle East may be disrupted.”

    Everyone expects the price of oil to hit $100 per barrel. If you consider it the job of the president to ensure the free flow of oil at reasonable prices, he has accomplished the exact opposite.

    The oil stockpiles are dropping due to several causes, not least the fact that Bush and his little neocon friends have been dipping into the nation’s petroleum reserves like an alcoholic in a wine cellar, to try and conceal the damage that American foreign policy is doing to our oil imports from countries that 20 years ago were staunch U.S. friends.

    According to Bloomberg: “Inventories last week fell 5.29 million barrels to 316.6 million, the lowest since January, the U.S. Energy Department said. New U.S. sanctions against Iran, warnings of a Turkish assault on Kurdish militants in Iraq and a falling dollar helped push prices higher. Brent futures in London reached a record….Crude oil for December delivery rose as much as 64 cents, or 0.7 percent, to $91.10 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It traded at $90.97 at 9:26 a.m. Singapore time. Prices are 51 percent higher than a year ago.”

    Prices are 51% higher!!!! And that’s without an assault on Iran. But wait, didn’t Glenn Beck tell us on TV a few months ago that our wonderful “friends” in Saudi Arabia hate and fear the Iranians so that they would step up production to try and undercut Iranian oil and crash their economy? Gee, what happened to that? It couldn’t be that maybe Glenn Beck is an idiot who doesn’t know what he’s talking about?

    The ripple effect is already starting to hit. Bloomberg notes “Singapore Airlines Ltd., Southeast Asia’s largest carrier, is concerned about the rising price of jet fuel, Chief Executive Officer Chew Choon Seng said in Sydney today. The airline raised fuel surcharges on Oct. 18 by as much as $6 a ticket because of higher oil prices.”

    So how long before those higher prices impact American airlines? Then American fuel and gas prices at the pumps? Gas has already shot up to $3.30 or more in most West Coast cities. Our economy is two-thirds dependent on consumer spending and high gas prices will hurt spending on everything else.

    But why is this happening? Let’s check Bloomberg again: “The Bush administration yesterday announced new sanctions against Iran that designate the Iranian Revolutionary Guard Corps as a proliferator of weapons of mass destruction and its Quds force as a supporter of terrorism.”

    Oh, I see. This is what happens when Bush rattles his saber and threatens war with Iran. Wonder what will happen when he nukes the Iranian oil fields and contaminates them with radiation for the next few centuries?

    News Source: us.altermedia.info

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