Threats of Violence in Middle East Drives Oil to $92/bbl.
Israeli tourists in Bulgaria were killed by alleged Iranian backed Hezbollah, resulting in more threatening speeches by Israeli PM Netanyahu. Oil rose to $92/bbl, up nearly $3. OPEC quietly cheers since they have a $95/bbl target and the higher price helps Iran pay for nuclear weapons power. Meanwhile, Greece, Japan, and several other countries are allowed to violate international sanctions against Iran for discount oil. Greece paid in gold. Japan is handling the financing of Yuan-Yen conversion in oil sales for Iran.
Where's Hans Blix and his sternly worded letter now? The only part of this that makes real sense is the Markets are betting that the Middle East is full of violent thugs that threaten the oil supply. History shows that to be true. Its really only a matter of time before Ras Tanura gets damaged, whereupon we get to experience a proper oil supply panic and see the fuel rationing plan turn into reality.
I am so looking forward to this not being the Western world's problem. Someday we'll have to stop and compare the lack of value in the Rat Race powered by Oil paid for in blood vs a slower paced life with fewer appalling luxuries and a bit more elbow grease and legitimate pride to make up the difference. Maybe we'll be on bicycles to do that, but it beats kowtowing to the Arabs, doesn't it?
Where's Hans Blix and his sternly worded letter now? The only part of this that makes real sense is the Markets are betting that the Middle East is full of violent thugs that threaten the oil supply. History shows that to be true. Its really only a matter of time before Ras Tanura gets damaged, whereupon we get to experience a proper oil supply panic and see the fuel rationing plan turn into reality.
I am so looking forward to this not being the Western world's problem. Someday we'll have to stop and compare the lack of value in the Rat Race powered by Oil paid for in blood vs a slower paced life with fewer appalling luxuries and a bit more elbow grease and legitimate pride to make up the difference. Maybe we'll be on bicycles to do that, but it beats kowtowing to the Arabs, doesn't it?