Oil prices passed $143 a barrel Tuesday amid concerns about a potential conflict between Iran and Israel and a weakening dollar.
Also Tuesday, a report from the International Energy Agency saying crude supplies would remain tight despite record prices and reduced demand from industrialized countries also helped support prices.
EIA chief Nobuo Tanaka said the world was experiencing "the third oil price shock," comparing the era to the 1970s oil embargo and the period following the Iranian Revolution.
However, Tanaka said this crisis differs because Western nations have already become much more efficent and oil is becoming more difficult to produce.
Echoing Tanaka, U.S. Treasury Secretary Henry Paulson said Tuesday in Berlin that there were no "obvious short-term solutions" to skyrocketing oil prices.
Emphasis added by me.
If Israel attacks Iran, do you think oil will stop at $200/barrel?
Prepare for as high as $250/barrel!
Prepare for a standard of existence -- not living -- in America that rivals the old USSR.
Learn how to cook shit.
You'll be eating a lot of it.
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