Oil prices could spike, Saudi warns (Iran war could triple price)

[tinrobot]

World oil prices could double or triple over the current painful $70-per-barrel level if diplomacy failed and military conflict broke out over Iran's nuclear ambitions, Saudi Ambassador Prince Turki al-Faisal warned this morning.

"We don't know" what will happen if the United States chooses a military option in Iran, al-Faisal said, but "if there is military conflict, if bombs are dropped, ships are blown up, oil facilities on our side of the gulf are targeted . . . just the idea of somebody firing a missile at an installation somewhere would shoot up the price of oil astronomically." In such a scenario, he said, Saudi Arabia "hopefully would defend our oil installations as best as we can and seek an immediate resolution," but the risks would be grave. "Not just our installations, but the whole gulf would become an inferno of exploding fuel tanks and shut-up facilities," al-Faisal said.

http://www.usnews.com/usnews/biztech/articles/060620/20oil.htm

[tinrobot]

1. ...and it's exactly what Exxon wants.

If you read greg Palast's recent book, he outlines that the reason we invaded Iraq was so the oil companies could shut off the flow of oil, thus raising the price. Higher prices mean more profit, and Exxon's record profits are a direct result of the shortage of oil.

A war with Iran is exactly what the oil companies (and Saudis) want -- because it will drive prices of their holdings even higher.

Follow the money.

[amandabeech]

4. Provided that Exxon and other distribution and production

companies have other sources of oil outside the Persian Gulf region. If the Iranians target facilities on the Gulf and start shooting at oil tankers entering and leaving the gulf through the narrow Straits of Hormuz, all shipments will stop from all Gulf ports, including Iran's.

Kuwait, UAE, Bahrain, Iraq (whatever they're able to get out from the south) and much of Saudi oil will be locked up or blown up. The only oil getting out would go from Kirkuk to Ceyhan on the Mediterranean in Turkey, and Saudi oil that can be routed to their Yanbu facilities on the Red Sea.

Not even Exxon can sell what it can't ship.

Closing the Gulf to oil and gas tankers would cause hardships in many places, not just profits for some oil companies.

[tinrobot]

8. If the US Military does it's job...

Iran won't be able to attack oil tankers... or be able to produce oil.

Mission Accomplished.

[amandabeech]

15. We'll see how our military does against the Russian-made

Sunburn ground to sea missiles. Some experts have written that our armed services will not be able to knock out their launch sites along the Iraqi coast, and these fast, stealthy missiles will take out our ships. Or tankers for that matter.

Don't forget that war game last year, I believe, in which unconventional forces defeated U.S. forces in the Gulf.

[wordpix2]

20. US military is a bit hampered right now with *'s war and can't do its job

with BushCheneyRummy running the show. Military is broken---the only strong suit we have left is dropping bombs from the air.

[mallard]

29. Why is it the Iranians are so incessantly deemed guilty...

Re: "If the Iranians target facilities on the Gulf and start shooting at oil tankers..."

... when it is Bush and company threatening the use of deadly force on bad assumptions?

[amandabeech]

30. Their leader has threatened to close the Straits of Hormuz and

shoot missiles at the Saudi oil installations if we attack Iran.

I'm not in favor of attacking, although I think that the current Iranian leader is a little crazy. His comment about the 12th Mahdi returning with Jesus in tow to clean up the world sounds a little too much like the lunatic fundies we have here, including the ones in the White House.

However, I think that Iran will try to do what it says if attacked, and I believe that the Iranians, with top of the line Russian weapons and difficult, often mountainous terrain, will be a much more formidable foe than Saddam's army.

[corkhead]

2. Time to buy petro stocks Yipee!!!

:sarcasm:

[wordpix2]

21. that seems to be the message but also Saudis are genuinely worried that

the Persian Gulf War II will get out of hand with an Iranian front. They DO live in the center of the oil mecca and they, as well as Iran, will have to deal with the bombs dropping, oil burning in the air and polluted air and water.

I think the Saudis are giving a straight warning to BushCo not to do anything stupid like start a war with Iran.

[robertpaulsen]

3. Basically, invading Iran would fulfill one of Osama's goals=$200 oil.

If you want to ponder just how devastating oil prices in the $200-$400/barrel range will be for the US economy, consider the fact that one of Osama Bin-Laden's primary goals has been to force oil prices into the $200 range.

http://www.lifeaftertheoilcrash.net/

[RUMMYisFROSTED]

12. Osama? Hell, it's Dick Cheney's objective.

[wakeme2008]

19. I thought they were the same person

:rofl:

[meow2u3]

14. Bush is giving terrorists exactly what they want

Sky high oil/gasoline prices; war without end--and Bushco claims to be fighting a war against terrorists! Go figure!

[enid602]

5. high prices

To which country is Prince Turki al-Faisal ambassador? US? Iran? Is he one of the West-loving princes, or one of the ones that's closer to the Wahabis. One thing's for sure though; I think he's right.

[amandabeech]

16. Al Faisal is the Saudi Arabian ambassador to the U.S.

He took over from Bandar Bush last year. Al Faisal is one of the sons of the late King Faisal.

It has been mentioned frequently that the Saudis are concerned that the Iranians will target Saudi oil facilities on the Persian Gulf.

[Anywho6]

6. Bush/Cheney/Rumsfeld: "Hello, Iran!!!" n/t

[Vidar]

7. Spread misery. Drive up oil prices for shrub's

friends. Mission accomplished

[truthisfreedom]

9. it's a ridiculous proposition. we can't start shooting at Iran. bush

would lose support from EVERYONE who relies on oil... and that's EVERYONE on the planet. the US would be toast... our economy would simply shut down. unless this is the end game, it's not going to happen.

[rman]

25. The big corporations that run the show would make out like bandits

They are not "the US" even though they do run the show in the US. Their economy would be just fine as ours collapses. The rich weren't hurt by the Great Depression in the 30's, and there's no reason why they'd get hurt now.

[Carni]

27. But bushit's OWN pockets are lined so he could care less!

I think the reason that most of the things he does seem to fly in the face of all common sense if the republicons want to keep control IS...

bushit was installed there to make money for himself and certain insiders and that's it.

There is no grand social conservative agenda, that bastard and Cheney are just garden variety thieves and they've done everything they have had to do to make things happen.

911/Iraq all of it! They are there to make money for themselves and a few hundred insiders from all over the globe--they have committed the world's largest bank robbery if you ask me.

[Amonester]

10. Just what most DUers said from the get go. . .

The gas tank bills would skyrocket, enough to make the 'poor' neocon$' handlers 'suffer' public outrage at the pump...

Perhaps the BFEE cabal would also find rigging elections in their favor almost impossible when 'legit' polls would show just 13 to 18 percent of voters will still support them, criminal idiot$.

[joe_shmoe]

11. -- Sign this petition against military action against Iran --

It is with grave concern that I observe the growing threat of a new U.S. war--this time against the people of Iran.

For a collection of articles and resources on this subject you can visit this link: http://reseaudesign.com/research/iran/iran_summery.html

I'm starting up a petition which I will be sending out to as many members of Congress as possible. I'm asking for help to get this signed by as many people, possible in the next month. Send it to as many people you can.

http://www.petitiononline.com/n0war1rn /


thanks,
J-shmoe

[bling bling]

13. Good. I hope the Saudi's shout that headline loud and often.

It's messed up in the big picture of things, but Americans suddenly look up from what they're doing and pay attention when you mention gas prices increasing.

Whatever, though. Whatever it takes to keep the public from jumping on W's bandwagon heading to Iran.

[Sadie5]

17. Bush is itching to invade Iran

I bet if you poked a hole in his rotten filthy hide oil would come oozing out.

[chill_wind]

18. In the meantime, Bush reassures cooperation with the kingdom

His pledge to them vs his pledge to Americans.

His duplicity and fealty to the Saudi royals and American oil barons should be pasted as a daily reminder on every gas pump in the nation.

*******************************
"President George W. Bush has reassured Saudi Arabia's king that he will continue to cooperate with the kingdom on energy issues even after his pledge to wean America off Middle East oil, Saudi Arabia's ambassador to the United States said on Tuesday.

Bush's pledge in January to cut U.S. oil imports from the Middle East rankled some kingdom officials, because Saudi Arabia had announced plans to spend $50 billion expanding oil production to meet rising global demand."

(snip)

http://www.huffingtonpost.com/2006/06/20/bush-appeases-saudis-on-o_n_23452.html


AP

[wordpix2]

22. the Saudis & US oil barons are scared they might have to compete with wind

, solar and biofuels. :nopity: BushCo must GO

[reprobate]

24. Well, after all they ARE hand holding friends.

[VegasWolf]

23. What are a few 10s of thousands dead to stand in the way of a nice Xmas

bonus from Halliburton\Exxon?

[Carni]

26. In other words this is bushit's cue to invade Iran

I am SOOOOOOOOOOO SICK OF THIS SHIT!

And BTW did you all here that the number of millionaires are up 10% in the middle east?

Some war on terror...

[lutefisk]

28. Well, that will certainly redistribute the wealth- upward....n/t

[catmandu57]

31. Snowballs chance in hell, but,

If the oil companies were taxed heavily and I mean punitively heavy then there wouldn't be huge profits to salivate over.