Skip to comments.Analyst: Fall Of Baghdad Would Make Current Gas Prices ‘Look Like A Bargain'
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 ...
Thank God we finished that Keystone Pipeline.
I remember back in the 70s how gas prices would “skyrocket” every time Ayatollah Khomeini’s hemorrhoids would flare up.
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?
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.
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???
They seem like a minor influence in our demand.
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?
the communists want us to be DEPENDANT!??
From Your Lips TO God’s Ear!!
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”
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.
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.
That’s stupid because we don’t get much oil from them. Only about 12% of our oil imports come from that region.
I hear ya!
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.
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.
And thank goodness we’re going to send more gas to the EU.
The morons of America are going to learn one way or the other.
Thank God we built all those new refineries.
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.
The “expert” is speaking of a worldwide increase, but I’m not convinced it would have a great affect in the US.
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
it is the worldwide demand that creates the problem with supply...
The DOE annual budget request for 2014... $28.41 Billion dollars.
Nearly 40 years later and we're still workin' on solving the problem.
Bush’s fault for gas prices soaring while he was in office.
Bush’d fault once again 6 years after he left office.
thats the words from Nasty Pelosi’is office
If I had an EBT care....I could get me some OBAMA GAS!!!
It's a global market. US producers will sell their resources to the highest bidder.
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.
When was the last time Obama was questioned about gas prices, 2010?
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...
It’s a win/win for Obama and fanatical Democrats.
Im 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.
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.
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.
Wait a darn minute. Why would prices go up? I thought ISIS were close friends with John McCain and Obama?
and obama is working hard to make sure this doesn’t happen. /s
The price of oil is set on a world market.
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.
Im certain.....that Obama is looking forward to that move with GLEE!
I excepect tovsee him fist bumping some IRAQI imam by the end of the week