(CNBC) — The events unfolding in Libya mark the first uprising in a major oil producing country this year, giving energy traders their first indication of where crude could climb if Mideast turmoil were to spread to Saudi Arabia or Iran.
“Pricing in Libya supply disruptions is one thing, but what if this social unrest spreads to Saudi Arabia, which holds 20 percent of the world’s oil?” said David Rosenberg, chief economist and strategist for Gluskin Sheff. “Do the math: we’d be talking about $200 oil.”
$4.00 a gallon gas is the tipping point to another economic disaster, or a continuation of this one.(I side with the latter).
Thank a liberal next time you see one! Those policies against American energy are coming to a station near you soon.........
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