The Suez Canal currently is where a third of the world’s oil and six percent of all products passes through.”
Only a couple percent of the world’s oil supply flows through the Suez as opposed to the Strait of Hormuz where roughly 20# of the world’s total supply passes. Still, any disruption probably would send oil past that $110 region noted.
From the sound of things Mubarak is toast. Probably the quicker he steps down the better as hanging on only creates more instability and chaos which opens the door wider for the hard core Islamists to slip in.
Wow. I knew it was a lot, but I had no idea it was that much. Even if you just delay 1/3 of the world's oil supply, it would had dramatic, perhaps catastrophic economic impact.
Of course, I'm sure Obama has thought all this through. Chris Matthews assures me he's very smart.
Oil will spike, no matter what happens, but the alternative is the horn of Africa. Costly, but not prohibitive.
The same thing happened in Lebanon. The Muslim Brotherhood will be in control in 3-6 months, perhaps sooner.
Zawahiri is in the Muslim Brotherhood.
War is coming, folks.
From the sound of things Mubarak is toast. Probably the quicker he steps down the better as hanging on only creates more instability and chaos which opens the door wider for the hard core Islamists to slip in.
Nowadays, thanks to use of the big VLCC and ULCC tanker ships, few oil tankers use the Suez Canal, mostly because they can’t fit through the canal anyway. That’s why you can sometimes see VLCC’s and ULCC’s from the shore at Cape Agulhas at the very southern tip of South Africa.