Dire Straits - Price of Oil if US attacks Iran

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DIRE STRAITS

CHOKE POINT | Should the U.S. bomb Iran, as some say it will, the Straits of Hormuz could be the focus of Iran's response, causing a huge spike in oil prices. By David Olive

David Olive
Toronto Star

Is there another punishing oil shock around the corner? That depends on what George W. Bush has in mind for the Middle East, a topic on which he was not very informative in his Wednesday speech about his supposedly new U.S. approach to the conflict in Iraq.

But a few keen observers did see cause for alarm in the Bush address. More on that later.

The CEO of Swiss Re, one of the world's largest reinsurance firms, warned last week that the prospect of another oil shock this decade is "relatively high," at 10 per cent to 20 per cent. And that another shock would trigger a global recession with worldwide losses of $1 trillion (U.S.).

Yet the markets don't see it that way, having forced down the price of oil by more than 13 per cent so far this year. A recent flight from oil by the same speculative forces that drove oil above $78 per barrel last summer have since pushed the price down 31.2 per cent, to a 19-month low in the $53 range.

That's been a relief to Canadian motorists, who've seen pump prices fall sharply from last summer's national average of $1.10 (Canadian) per litre to a current 75 cents or so.

So, who to believe ? the optimists or Cassandras?

Read the rest here

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@z0z0,

10 to 20 % is no shock , we have seen a fluctuation like that many times in the past years . Even in the last 2 months the price at the pump ( that is what the average driver looks at ) has moved that much a couple of times .

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@z0z0,

Price of oil if Iran because nuclear nation: Higher

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@z0z0,

The cost of having a Republican president hell bent on ruling the world, priceless.:cool:

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@z0z0,

White House: Can't rule out attack on Iran

White House: Can't rule out attack on Iran - CNN.com

? White House says no attack planned against Iran, but won't rule out possibility
? National security adviser Stephen Hadley says diplomacy should resolve issues
? Hadley won't say whether he believes move on Iran would need congressional OK
? Iran says U.S. detention of Iranians in Iraq is "illegal"

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@z0z0,

Make no mistake about it, we are out to attack Iran.

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@z0z0,

I find it odd that there is not enough manpower to keep Iraq and Afghanistan in line - then where will the US get the manpower to attack Iran?

If the US/Israel force does nuke the Iranian Nuclear station what will that accomplish apart from raising global tensions and inflaming anti-American sentiment?

If the Iranian nuclear station is bombed then quite frankly I am in agreement that the US and Israel get whatever they deserve.

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@z0z0,

An attack on Iran won't involve ground troops. Israel will be the puppet for this assault.IMO. The battlegroup we have in the Persian gulf will back up any assault. If Iran strikes back, that's where our support comes in.

We nave a lot of Air Force any Navy support for an attack, just not the ground troops.

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@z0z0,

So what do you do after you attack Iran with Navy and Air Force?

You need troops on the ground to actually do anything.
by bombing some sites in Iran and causing death and destruction will accomplish nothing aside from getting the world more pissed at you.

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@z0z0,

There is no need for ground troops. All we can do is attack their nuclear sites. Besides, we don't have any spare ground troops. They are pre-occupied at the moment. Very Happy

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@z0z0,

OK - and what do you do after you have bombed the nuclear sites?
Sites which may or may not be doing anything illegal?

Where is the right to Iranian Sovereignty?
Someone implied in another thread that Canadians are a bunch of pussies because we could not decriminalize marijuana the way we wanted to due to pressure from your president. Are the Iranians a bunch of pussies as well? Or is this the lesson you want to teach the world? You are with us or against us. if against us then we will bomb you.

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@z0z0,

Sovereignty? Very Happy

What do we care about that for? It didn't stop us in Iraq.:wtf:

Canadians aren't pussies. They not enough to stay out of this mess. We are the dumbasses for listening to the NeoCons.:p

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@z0z0,

As for Canadians being Pussies.

While we do have a small military force - man for man we are one of the best.
Look at our accomplishments in Afghanistan. Since we have taken one of the most dangerous areas - our casualties are substantially higher than what the Europeans are experiencing. The Europeans are the pussies there.

The difference between Afghanistan and Iraq/Iran is that the mission in Afghanistan is UN sanctioned and the Afghanis wanted us there.

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@z0z0,

I don't consider anyone pussies if they send troops in there. The lack of troops there may be our downfall.That, and the lack of equipment.

It's a forgotten war.

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@z0z0,

"The difference between Afghanistan and Iraq/Iran is that the mission in Afghanistan is UN sanctioned and the Afghanis wanted us there."

From Randomview , my blog .

[quote]Wednesday, November 29, 2006
UN approves extension of military mission in Iraq

What do the "cut and runners" have to say about this ? Their favorite UN has approved an extension of the mission in Iraq on the urgings of Nouri Al-Maliki . If the UN says stay , do they still want us to leave before the job is done ?

The UN Security Council voted unanimously yesterday to extend the mandate of the 160,000-strong multinational force in Iraq.

The council acted quickly in response to a request from Iraqi Prime Minister Nouri al-Maliki, who said a top government priority is to assume full responsibility for security and stability in the country but that it needs more time.

The resolution, drafted by the U.S., extends the mandate of the multinational force for one year starting on Dec. 31 and authorizes a review at the request of the Iraqi government or by June 15.

The resolution contains the same provision as past resolutions: A commitment the council "will terminate this mandate earlier if requested by the government of Iraq."

Al-Maliki's request for the one-year extension with a termination clause came as the U.S. administration stepped up diplomatic efforts to stabilize the war-torn country, certain to be a top item on the agenda when U.S. President George W. Bush meets al-Maliki tomorrow in Jordan.

This report from AP should tell them that for at least a year , Iraq and the UN want the coalition to stay in Iraq .[/quote]

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Dire Straits - Price of Oil if US attacks Iran

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