Tuesday, June 05, 2007

Are You ready for $5.00 Per Gallon Gas?

Does that title send shivers down your spine? That is a distinct possibility if a huge cyclone now headed toward Oman reaches Iran.

This could be the most powerful storm to hit the Middle East since records were kept. It is the same as a category 5 hurricane. This storm could damage oil production facilities and make travel through the Straits of Harmuz impossible.
"If the storm hits Iran, it's a much bigger story than Oman, given how much bigger an oil producer Iran is," said Antoine Haff of FIMAT USA, a brokerage unit of Societe Generale. "At a minimum, it's likely to affect tanker traffic and to shut down some Omani oil production as a precautionary measure."
The oil companies will take any excuse they can to raise prices. Isn't ExxonMobil funding scientists that say Global warming is a myth? Sounds ironic right now.

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