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What's really going on with oil?

Douglas Caddy

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From the article: Is something very ugly brewing in the Persian Gulf that will dramatically push oil prices up later this year? Is a real shooting war between Shi’ite and Saudi Wahhabi oil states brewing? Until now it has been a proxy war in Syria primarily. Since the execution of the Shi’ite cleric and Iranian storming of the Saudi Embassy in Teheran, leading to a break in diplomatic ties by Saudi and other Sunni Gulf Arab states, the confrontation has become far more direct. Dr. Hossein Askari, former adviser to the Saudi Finance Ministry, stated, “If there is a war confronting Iran and Saudi Arabia, oil could overnight go to above $250, but decline back down to the $100 level. If they attack each other’s loading facilities, then we could see oil spike to over $500 and stay around there for some time depending on the extent of the damage.”
Everything tells me that the world is in for another big oil shock. It seems it’s almost always about oil. As Henry Kissinger reportedly said back during another oil shock in the mid-1970’s when Europe and the US faced an OPEC oil embargo and long lines at the gas pumps, “If you control the oil, you control entire nations.” That obsession with control is rapidly destroying our civilization. It’s time to focus on peace and development, not on competing to be the biggest oil mogul on the planet.


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