Oil prices climb after Al-Qaeda call for attacks on oil facilities

we are cruising for a bruising. We export 60% of our petroleum. I'm not sure how much of that is from the middle east. 25%?

Here's a breakdown on where our oil comes from....

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html

Note that Canada is the USA's number 1 supplier of oil. Venezuela and Mexico are high on the list too.

Saudi Arabia, Iraq and Kuwait, according to the table you linked to. (In my message, I guessed 25% of our imports were middle eastern, not too far off.)

Now, I am old enough to remember the 1973 oil shock. In those days, we imported 25% of our oil. When the Saudis turned off their spigot, that cut our oil supply by 5%. This hit our economy like a thunderclap. Bad recession, lots of layoffs, gas lines. High inflation. If the Saudi oil were interrupted, this would again cut our oil supply by at least 5%.

But something that cuts whatever percent of world oil production, even if it involved suppliers that do not import to the US, would immediately affect us. Most middle eastern oil goes to Europe and Asia, let's say, but if that oil were interrupted, those regions would immediately go to our suppliers and bid against us for the oil. Prices would go berserk.

...or is it 6-times dead this week? Wasn't he just killed again a couple days or so ago?

this comes at a time when oil companies have been getting worried about their "bottom line" due to falling oil prices. What a coincadink!

Gyre

Perhaps Al-Qaeda was part of Cheney's secret energy meetings? No wonder Cheney wants to keep the notes of the meetings secret!

It just make sense to me that with the demise of the Iron Curtain, the American economy needed a new enemy. Did we create Al-Qaeda? Are they just an extension of the CIA? Lots to consider.

:sarcasm:

Which is why U.S. soldiers are acting as Halliburton bodyguards.

a mouse sneezed...raise the oil prices.

Not what I would call holding above 60 dollars per barrel.