How Would This Stop War With Iran?
Wouldn't the Bushies LOVE to see oil over $90 a barrel?
A U.S. military strike against Iran would have dire consequences in petroleum markets, say a variety of oil industry experts, many of whom think the prospect of pandemonium in those markets makes U.S. military action unlikely despite escalating economic sanctions imposed by the Bush administration.
The small amount of excess oil production capacity worldwide would provide an insufficient cushion if armed conflict disrupted supplies, oil experts say, and petroleum prices would skyrocket. Moreover, a wounded or angry Iran could easily retaliate against oil facilities from southern Iraq to the Strait of Hormuz.
Oil prices closed at a record $90.46 a barrel in New York yesterday as the Bush administration tightened U.S. financial sanctions on Iran over its alleged support for terrorism and issued new warnings about Tehran's nuclear program. Tension between Turkey and Kurds in northern Iraq, and fresh doubts about OPEC output levels also helped drive the price of oil up $3.36 a barrel, or 3.8 percent.
This would be terrible for everyone except the people who sell the oil. QED.
UPDATE: This is a ridiculous piece by the WaPo editorial board. It looks at yesterday's harsh sanctions through the Orwellian "when we're talking about war, we're really talking about peace" prism. How many times to you have to be suckered by this Administration before you wake up? Man, the WaPo is not covering itself in glory today.