Tuesday, February 07, 2006

Getting Pumped Up

And now, for something completely different:

I just happened to come across this article online a little bit ago about the impact on oil prices arising from the Iranian nuclear issue and thought that it made for an interesting read. Below is an excerpt. The whole thing isn't that long at all if you're in the mood to read the rest of it.

NEW YORK (CNNMoney.com) - Not a drop of oil from Iran reaches the nation's gas pumps. But escalating tensions about Iran's nuclear program are already being felt in oil and gas prices in the United States.

That's because even though the United States has banned oil imports from Iran since the 1979 Iranian revolution, some 4 million barrels of Iranian crude are shipped around the world each day, accounting for about 5 percent of global supply. That has an effect on prices everywhere, no matter how much or how little Iranian oil reaches U.S. refineries.And the growing dispute over Iran's nuclear program is one key reason oil prices have jumped since late December back near $65 a barrel.

Some experts say oil would be closer to $60 a barrel absent worries about possible broader sanctions against Iran, and at least one analyst says oil could shoot to more than $130 a barrel, if Iranian oil stopped flowing altogether.

1 Comments:

At February 7, 2006 at 4:33 PM, Anonymous Anonymous said...

Rep.,

I think that it is unfair that while the rest of us only get 24 hours in a day, you apparently get 30+. Where the heck do you find the time to do all of this stuff? Keep it up though, I love the blog.

 

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