“The scariest Iran scenario yet comes from Bob Bandos, CEO of marine logistics and services company GAC North America.
Bandos tells Pierre Bertrand of the International Business Times:
[T]ankers can haul 1.8 million barrels of oil a day through the strait. If that supply is choked off, the effect would be similar to the fuel shortages of the 1970s – but more extreme, Bandos said.“That would be nothing compared to this,” Bandos said, who added the shortage would be global.
If the 1973 embargo experience repeats itself, the price of a barrel of oil could soar to $440 a barrel.
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right…
Obviously, if oil hit a price that was nearly triple it’s record high, no one would do anything. All those countries and suppliers that would literally be printing money wouldn’t change what they are doing in order to increase supply and print more money. They would be under no pressure from any political/military power to implement extreme measures at that price or any price before it.
Nope, supply gets choked off here and there is nothing we can do.
Lol. If oil in some crazy world hit $300 a barrel, the Keystone pipeline would literally be built overnight.