US ready to face full supply cut by Iran

KevO · Expert Joined: May 24, 2005 Posts: 2394

Reuters
Washington: US and world emergency crude reserves could replace a complete shut-off of Iranian oil exports for 18 months, ( Shocked

)
There has been concern among energy traders that tough action by the US and other western countries against Iran's nuclear programme could cause Tehran to retaliate by cutting off the country's oil exports.
Such a disruption would remove close to 1.5 billion barrels of crude from the market over an 18-month period, according to the GAO, the investigative arm of the US Congress.

The United States does not directly import oil from Iran, but a shut-off of Iranian oil exports would force countries that do buy Iranian oil to compete with the United States for crude supplies from other producing nations.

"Removing this (Iranian) oil from the market would raise prices everywhere, thus impacting the US economy," the GAO said in its new report on how the US emergency oil stockpile should be operated"
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No crap Sherlock

FULL ARTICLE HERE

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Dreamtwister · Fission Joined: Feb 06, 2006 Posts: 2282

And again, they conveniently forget to mention the ~17 million barrels that float within a stone's throw of Iran every day.
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The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche

Gideon · Light Sweet Crude Joined: Aug 29, 2006 Posts: 1140

Dreamtwister · Fission Joined: Feb 06, 2006 Posts: 2282

rwwff

18 months.. interesting.

Start in Feb 07... during an absolutely paralyzed 50/50 congress, ending in August 08; just in time for a euphoric surge over final victory in the middle east. Or alternately, in a battle for our very existence, with the military industrial whosamacallit complex front and center till right before the elections inorder to insure adequate funding for yet another two years.

Rational people.. maybe not.

PNAC ???
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abundance fleeting
men falling like hungry leaves
decay masters all

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IanC

Lord help us all.

The PR campaign for the next Gulf War is in full swing. Didn't the Repugs say "You never roll out a new product in August" right before the last war started in the Fall?

Clearly, they are trying to allay any fears about a war with Iran. Expect Iranian expatriates to be trotted-out soon talking about how repressive the regime is and how desperately they need to be overthrown by a benign power. Then comes really rosy news about Iraq so they can justify redeploying troops to Iran.

Eventually, we'll unleash the two entire branches of our military who haven't had their share of wartime promotions and ridiculous wartime spending on another 3rd world country.

Get ready people. Let's try pre-emptive peace.

-IanC

rwwff

Denny

I'd just love to know how many oil company shares the Bush clan, Cheney, Rumsfeld and even Condoleezza Rice possess. They have managed to zero out Iraqi oil production for all intents and purposes and now they are working on turning off Iran too.

You don't have to be an economics whiz to realize how good this situation can be for the oil companies.

rwwff

Denny · Last edited by Denny on Fri Oct 06, 2006 7:58 pm; edited 1 time in total

Oh yeah, I forgot another thing, This Bush regime thinks its all good to leave the strategic petroleum reservce depleted. No plan to refill it in the next few months.

Sounds like a plan to me. A plan to assist the oil price to skyrocket at the most opportune moment.

rwwff

There used to be a very impolite song...

"We're in the money..."

"We're in the money..."

da da da.....

GoIllini · Intermediate Crude Joined: Mar 05, 2005 Posts: 573

Colorado-Valley · Intermediate Crude Joined: Aug 16, 2004 Posts: 733

And I believe that Venezuela has some kind of common defense pact with both Iran and Syria.

They might decide it's a good time to help China fill its new SPR rather than sell oil to the U.S.

So the U.S. SPR gets drained, China's get filled ...

Another great move by the Neocons ...

AgentR