17 Mar '12, 12pm

#humphreybo Why The Huge Spike in Oil Prices? “Peak Oil” or Wall Street ...: Since around October last year, the...

Curiously, one of the real drivers of the current oil price bubble is the Obama Administration’s economic sanctions recently imposed on oil transactions of the Central Bank of Iran. By pressuring Japan, South Korea and the EU not to import Iranian oil or face punitive actions, Washington has reportedly forced a huge drop in oil supply from Iran to the world market in recent weeks, giving a turbo boost to the Wall Street derivatives play on oil. In a recent OpEd in the London Financial Times , Ian Bremmer and David Gordon of the Eurasia Group wrote, “… removing too much Iranian oil from the world’s energy supply could cause an oil price spike that would halt the recovery even as it does some financial damage to Iran. For perhaps the first time, sanctions have the potential to be ‘too successful,’ hurting the sanctioners as much as the sanctioned.”

Full article: http://peakoil.com/business/why-the-huge-spike-in-oil-pri...

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