The Obama Administration is worried. About a lot of things really, but in this case about the rising cost of oil, spiking both on inflation fears and a seriously tight supply, with officials warning that even tapping the Strategic Petroleum Reserve would provide at best a very temporary benefit.
Unspoken in all this concern about supply shortages is that one of the world’s largest oil producers, Iran, saw their exports drop nearly 45 percent in July as US and EU sanctions kept that oil off the market at a time when it is desperately needed.
Iran has tried to keep its oil exports going by negotiating oil for wheat and oil for gold deals with nations like India and China, but these are only going so far, and the banking sanctions are bringing the oil industry, like everything else in Iran, to a halt.
This was of course the whole point of the sanctions, and the Obama Administration would likely be bragging about how they are sticking it to Iran, if the measures weren’t also hurting everyone else worldwide. Since President Obama was openly rejecting exactly this scenario, insisting there was more than enough oil on the market without any from Iran, the impact of losing less than half of the supply is bound to raise concern about how much worse things might get without Iran on the global market.
These clueless idiots are going to make us all paupers with their political games. Yeah, you're sticking it to the Iranians; more like you're sticking it to my wallet and what's left of the U.S. economy. What did they think would happen taking this much oil out of circulation?
Well the propaganda we were fed by the Obamabot/Huffpo crowd was that Saudi Arabia would make up for the absence of Iranian oil on the market. It didn't work for very long now did it?
What the US or for that matter EU or Canadian governments are saying is this: to hell with you people, you are not worthy of anything, we are THE government and we will continue with our wrong doing, unintelligent persistence in politics, our stupidity, our one sided and biased economic and social politics and we don't care if all of you die sooner better then later, because we know you are going to pay one way or the other,, after all it is you who voted for us to begin with. Look, people Second world war was about the first world war, second world war is not finished yet. Hitler started as Liberal, then he was National Socialist and then grow to become a Fascist.
My 2 euro-cents: the embargo will peter out in 2013.
Is it possible the oil industry, including their Saudi friends have been manipulating the supply and price of oil, as they did in 2000, to give a nudge to Gore to fall off the electoral cliff, in addition to the normal consequence of these sanctions where countries would be hoarding reserves and futures contracts investors would be buying futures contracts in anticipation of a military conflict in the region?
The whole sanctions policy is counterproductive, and the government is at the mercy of not only its own policies, but those that want to do it in. Why not shift direction, negotiate with the Iranians in good faith and start to solve the problems that divide us?
Satanical dream of Zionist fanatics, their presence on Earth, makes live on this planet constantly dangerous and deadly ….. Iran is one the last chances for Mankind "stop satanical zionist NWO". Supporting Iran means "live and future", supporting Zionism "end of freedom and slavery"…
Pete; They want the zionist to rule america they destroyed europe and doing the same to america.
Aside from the long-term "peak oil" and environmental concerns,
the primary and biggest causes of current oil shortages
are the US destruction of Iraq
and the US blockade of Iran
BOTH done to protect the US petrodollar and the US hegemony over Saudi oil.
What an evil man Obama is. That Romney is equally if not worse than the current rat bastard is no comfort at all.
The only thing that gets 100% support from the drones in the US Senate is putting up the price of gas by way of sanctions on Iran. It pleases two of their masters – Israel and big Oil. Something to benefit the plebs on the floor for a vote? Drone, drone, drone….