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Analyst: Fall Of Baghdad Would Make Current Gas Prices ‘Look Like A Bargain'
C.B.S. local ^ | June 13, 2014 | Not Attributed

Posted on 06/14/2014 7:29:57 AM PDT by MeshugeMikey

"any reduction in the flow of Iraqi crude due to the ongoing Islamic insurgency in the northern Iraq cities of Mosul and Tikrit could have worldwide economic consequences, according to oil industry analyst Phill Flynn, who said speculators are watching for the worst-case scenario."

(Excerpt) Read more at losangeles.cbslocal.com ...


TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: alqaeda; baghdad; caliphate; energy; iraq; isis; obamanation; oil; preppers; shtf; teotwawki
This fits in so nicely with Obama Ben Snortin's Energy Policies!
1 posted on 06/14/2014 7:29:57 AM PDT by MeshugeMikey
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To: MeshugeMikey

Thank God we finished that Keystone Pipeline.


2 posted on 06/14/2014 7:31:18 AM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: MeshugeMikey

I remember back in the 70s how gas prices would “skyrocket” every time Ayatollah Khomeini’s hemorrhoids would flare up.


3 posted on 06/14/2014 7:34:21 AM PDT by FlingWingFlyer (Obama's smidgens are coming home to roost.)
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To: MeshugeMikey

Who they kidding?

We spent trillions there and gas just went up and up....We didn’t even get cheap gas out of the deal.

After we bail they tell us gas will go up some more?

Gak!


4 posted on 06/14/2014 7:34:24 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: MeshugeMikey
Wouldn't be if we quit exporting oil from this country. If my information is correct, we export MORE oil that we import. Why? Everybody and there brother knows that every drop of oil we import funds groups that hate us. Why keep funding our own destruction?
We should have a 5 year Strategic Reserve for oil and natural gas and then and only then after all the current yearly consumption is REALISTICALLY planned for, should we export. WE SHOULD NOT BE IMPORTING ANY OIL FROM ANYWHERE. We would have $2 or lower gas in a NY minute.
5 posted on 06/14/2014 7:40:46 AM PDT by cashless (Obama told us he would side with Muslims if the political winds shifted in an ugly direction. Ready?)
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To: MeshugeMikey

6 posted on 06/14/2014 7:41:23 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: MeshugeMikey

I’m not sure the democrat party will be so happy with this come fall elections. It will point the blame directly had his worthless ass and at democrats. No Keystone, no drilling, no coal, all at the hands of the democrat party.


7 posted on 06/14/2014 7:41:34 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: dragnet2

Obamas been on the........ Phone....

gas prices locally start at 4 bucks a gallon and go to 4.59....

another push towards GREEN CORRUPTION..

who will be the NEW SOLYNDRA???


8 posted on 06/14/2014 7:42:40 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: MeshugeMikey
I don't get it. The US gets less oil from Iraq today than we did prior to the fall of Saddam. They supply about 4% of what we buy.

They seem like a minor influence in our demand.

9 posted on 06/14/2014 7:42:48 AM PDT by Baynative (How much longer will the media be able to prop up this administration?)
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To: P-Marlowe

Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket,” Obama Ben Drinkin....

What IS his plan for GAS PRICING? and who gace it to em?


10 posted on 06/14/2014 7:44:28 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: cashless

BINGO!!!!

the communists want us to be DEPENDANT!??


11 posted on 06/14/2014 7:45:14 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: RJS1950

From Your Lips TO God’s Ear!!


12 posted on 06/14/2014 7:46:07 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: Baynative

as I understand it the oil prices are set without regard to point of origin or.....delivery

the less in the “pipeline” ....the more expensive the oil..”globally”


13 posted on 06/14/2014 7:47:41 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: MeshugeMikey

California’s gas is going up 12 cents a gallon due to the CARB tax. We will always have high priced gas, even if Iraqi oil was free. But yes, I guess it could always get worse.


14 posted on 06/14/2014 7:48:41 AM PDT by Huskrrrr
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To: MeshugeMikey

15 posted on 06/14/2014 7:48:47 AM PDT by McGruff (ISIS Terror Leader Was Released By Obama from Camp Bucca in 2009)
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To: LostInBayport

I thought Obama was just screwing up the world because he hated Jews, a la Rev Wright, and to help his friends the Jihadists; BUT, it was just part of the stupid environmental Progressive Liberal plan to cut down on energy use. They have been pushing high priced energy since the Arab Embargo of the early 1970’s.


16 posted on 06/14/2014 7:49:04 AM PDT by BilLies (sharyl attkisson is alive and well HOORAY!!!!!)
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To: MeshugeMikey

That’s stupid because we don’t get much oil from them. Only about 12% of our oil imports come from that region.


17 posted on 06/14/2014 7:50:31 AM PDT by al_c (Obama's standing in the world has fallen so much that Kenya now claims he was born in America.)
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To: al_c

I hear ya!


18 posted on 06/14/2014 7:51:23 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: P-Marlowe

Remember how the communists (democRATS) were telling us that it would take 5-10 years to get the fuel online?

That was 6 years ago. Smart those people.


19 posted on 06/14/2014 7:51:54 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: MeshugeMikey

With Barry’s hatred of fossil fuels, this could even be part of the reason why he’s not taking any action. Anything to make gas more expensive and harm the US economy even more.


20 posted on 06/14/2014 7:52:51 AM PDT by FourPeas ("Maladjusted and wigging out is no way to go through life, son." -hg)
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To: P-Marlowe

And thank goodness we’re going to send more gas to the EU.


21 posted on 06/14/2014 7:54:56 AM PDT by Sacajaweau
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To: MeshugeMikey

The morons of America are going to learn one way or the other.


22 posted on 06/14/2014 8:03:07 AM PDT by chris37 (heartless)
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To: P-Marlowe

Thank God we built all those new refineries.


23 posted on 06/14/2014 8:04:01 AM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: MeshugeMikey

Saw a news report about higher gas prices because of Iraq, watching it with an Obama supporter...they retorted back to the TV “Ha! The oil companies will use any excuse to jack up prices more!”

I nearly wretched at the ignorance of basic laws of economics.


24 posted on 06/14/2014 8:06:48 AM PDT by SoFloFreeper
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To: Baynative

The “expert” is speaking of a worldwide increase, but I’m not convinced it would have a great affect in the US.


25 posted on 06/14/2014 8:09:34 AM PDT by cbvanb
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To: cashless
It is illegal to export US crude oil so we are NOT exporting more then we import. The excepts to to the law are as follows

Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries. Totals may not equal sum of components due to independent rounding. See Definitions, Sources, and Notes link above for more information on this table. Release Date: 5/29/2014

26 posted on 06/14/2014 8:09:45 AM PDT by jpsb (Believe nothing until it has been officially denied)
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To: MeshugeMikey

see #26


27 posted on 06/14/2014 8:10:37 AM PDT by jpsb (Believe nothing until it has been officially denied)
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To: Baynative

it is the worldwide demand that creates the problem with supply...


28 posted on 06/14/2014 8:10:48 AM PDT by SoFloFreeper
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To: dragnet2
Not to mention that the DOE was created back in the mid 70's under Jimmy Carter to "WEAN US OFF FOREIGN OIL"

The DOE annual budget request for 2014... $28.41 Billion dollars.

Nearly 40 years later and we're still workin' on solving the problem.

29 posted on 06/14/2014 8:12:29 AM PDT by VideoDoctor
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To: BilLies
All you people need to get your heads out of your rectal cavity and wake the Up. This is a one pony show and it's name is to destroy America. If you want to see how the King wants us to live visit his home country of Kenya. A mud hut for everyone and a little millet growl over a open fire. We must save mother earth and if a few billion people disappear it's for our own good. The fight coming people are you ready? III%
30 posted on 06/14/2014 8:28:43 AM PDT by lostboy61 (Lock and Load and stand your ground!)
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To: MeshugeMikey

Bush’s fault for gas prices soaring while he was in office.
Bush’d fault once again 6 years after he left office.

Bush’s fault.
Bush’s fault.


31 posted on 06/14/2014 8:38:39 AM PDT by envisio (Its on like Donkey Kong!)
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To: envisio

thats the words from Nasty Pelosi’is office

If I had an EBT care....I could get me some OBAMA GAS!!!


32 posted on 06/14/2014 8:39:54 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: Baynative
They (Iraq) seem like a minor influence in our demand

It's a global market. US producers will sell their resources to the highest bidder.

33 posted on 06/14/2014 8:45:26 AM PDT by grania
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To: cashless
We should have a 5 year Strategic Reserve for oil and natural gas

Bad idea. We will only get the lowest average prices when there is no reserve. Of course there will be spikes and people will kvetch, but prices will quickly drop as new resources come online.

34 posted on 06/14/2014 9:50:40 AM PDT by palmer (There's someone in my lead but it's not me)
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To: MeshugeMikey

When was the last time Obama was questioned about gas prices, 2010?


35 posted on 06/14/2014 10:06:21 AM PDT by StevieRay20
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To: StevieRay20

I cant remember...but given that ...it must have been a WHILE back!

He lacks the COURAGE...to make the same sort of statements about OIL...that he’s mad about COAL...


36 posted on 06/14/2014 10:07:52 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: MeshugeMikey

It’s a win/win for Obama and fanatical Democrats.


37 posted on 06/14/2014 10:14:07 AM PDT by pallis
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To: RJS1950

I’m not sure the democrat party will be so happy with this come fall elections. It will point the blame directly had his worthless ass and at democrats. No Keystone, no drilling, no coal, all at the hands of the democrat party.
\
You are right. Problem is, Republicans can’t seem to hammer that message as well as you can. They can’t seem to drill the message down to the basics.


38 posted on 06/14/2014 10:29:56 AM PDT by dandiegirl
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Obama - that’s why we need solar powered light rail. I today am signing an executive order empowering the EPA to take all the private land in the USA for such rail right of way.


39 posted on 06/14/2014 10:30:16 AM PDT by llevrok (Straight. Since 1950.)
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To: MeshugeMikey

All the Democrats need now is for the saying, ‘’Drill, Baby, Drill!’’ to be taken out of mothballs and become the rallying cry for Republicans in the next two election cycles. That would just about do it for the Donkey Party.

But will American gasoline prices, which are tied to global oil-futures prices, rise enough to create such a situation?

On the one hand, every time during his presidency that global oil prices have threatened to rise above a certain level — approximately $107 a barrel, where it is now — Obama has opened our Strategic Oil Reserves to flood the market in order to keep the American people from angrily running for their pitchforks.

So, will he open the floodgates again as chaos continues to engulf Iraq and spread to its neighbors? In fact, is there anything left in our Strategic Oil Reserves at the moment, or has selfish Obama, now firmly ensconced in a second term and unable to run for a third, failed to replenish it since it won’t affect his own political fortunes?

On the other hand, three of the world’s top oil-producing nations — Nigeria, Venezuela, and Iraq — have been in a state of civil chaos for months; the only difference now is that the chaos in one of them — Iraq — has reached the oil fields. That’s serious. But will global investors THINK it’s serious?

If investors thought it was serious on Friday, they’d have bid oil prices up then, since they wouldn’t have wanted to risk being left out of a major price rise if the Iraq situation deteriorated too much over the weekend. But they DIDN’t bid the price up by much on Friday.

So maybe we’ll have to wait until the al-Qaeda version operating in Nigeria disrupts Nigeria’s oil fields sufficiently before investors get serious enough about the global oil situation to inflict $10-a-gallon on us at the pump.


40 posted on 06/14/2014 11:18:55 AM PDT by Bluestocking
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To: All

Wait a darn minute. Why would prices go up? I thought ISIS were close friends with John McCain and Obama?


41 posted on 06/14/2014 12:21:00 PM PDT by redreno (Americans don't go Gault. Americans go Postal.)
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To: MeshugeMikey

and obama is working hard to make sure this doesn’t happen. /s


42 posted on 06/14/2014 1:26:50 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Baynative

The price of oil is set on a world market.


43 posted on 06/14/2014 1:31:27 PM PDT by Kozak ("It may be dangerous to be America's enemy, but to be America's friend is fatal" Henry Kissinger)
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To: FourPeas

I never could have expected that thered ever be anyone who could itritate me this much in the Whitehouse

any action he takes will only as a matter of course make things much worse...and thats what he wants.


44 posted on 06/14/2014 7:12:14 PM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: Bluestocking

Im certain.....that Obama is looking forward to that move with GLEE!


45 posted on 06/14/2014 7:14:27 PM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: McGruff

I excepect tovsee him fist bumping some IRAQI imam by the end of the week


46 posted on 06/14/2014 7:32:10 PM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: VideoDoctor
None adjusted for inflation, suppose it was a flat 30 billion a year since 1977... so ? they would have spent 1.110 TRILLION.
I am guessing that we subtract 5 billion a year since 1977, or $ 2 billion.
As follows... 2014 $ 30
2013 28 Billion...
2012 26 Billion..
Let's even suppose the first budget for the DOE in 1977 was a measly $ 1 billion.... today at $ 1 billion it would total $ 30 Billion today, they could have done a lot with $ 30 billion to work with.
There has to be a way to find out how much money the DOE has gotten since 1977, I would guess it's around $ 500 to 700 Billion ... and they still can't fix the situation.
By the way ? this department was created as a cabinet department, not authorized by Congress as far as I can see.
47 posted on 06/14/2014 8:42:01 PM PDT by American Constitutionalist
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