26 Feb '12, 1pm

Why oil prices are so high: Production shortfall, Iran concerns, and low interest rates Rising oil and..

Why oil prices are so high: Production shortfall, Iran concerns, and low interest rates Rising oil and..

The world clearly cannot get along without 2.4 million barrels a day of exports from Iran, although perhaps losing only the EU portion of those exports (about 500,000 barrels a day) might be tolerable for a time. While some oil from Libya is coming back on line, oil prices are still very high. In a world where oil production is not rising by much, any loss of production is a problem because of the adverse impact high oil prices have on economies of oil importing countries, including those of the EU, Japan, and the United States. Any loss of production also leaves us more vulnerable to disruptions if another oil exporter suddenly has difficulties.

Full article: http://peakoil.com/business/why-oil-prices-are-so-high-pr...

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