It is not just the United States that is headed for an economic collapse. The truth is that the entire world is heading for a massive economic meltdown and the people of earth need to be warned about the coming economic disaster that is going to sweep the globe. The current world financial system is based on debt, and there are alarming signs that the gigantic global debt bubble is getting ready to burst. In addition, global prices for the key resources that the major economies of the planet depend on are rising very rapidly. Despite all of our advanced technology, the truth is that human civilization simply cannot function without oil and food. But now the price of oil and the price of food are both increasing dramatically. So how is the current global economy supposed to keep functioning properly if it soon costs much more to ship products between continents? How are the billions of people that are just barely surviving today supposed to feed themselves if the price of food goes up another 30 or 40 percent? For decades, most of the major economies around the globe have been able to Read more…
If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.
Benchmark crude oil prices soared Monday, rising about 6% to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway’s Statoil to pull oil workers from the besieged country.
“If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” says Darin Newsom, senior analyst at Read more…
Light sweet crude for March delivery, which will expire Tuesday, was seen trading at $87.37 a barrel at 12.00 noon Singapore time while April delivery jumped to $91.35 a barrel.
In London, Brent crude for April delivery was at $103.54 a barrel.
Analysts said the black gold is likely to advance further during the day Benchmark on worries of oil supply disruptions as unrests over authoritarian governments in the Middle East escalate to more countries.
Concerns over Middle East oil supplies helped prices recover from early weakness after China raised its banks’ reserve requirements last Friday for the second time this year to combat rising inflation.
According to China’s National Development and Reform Commission, gasoline and diesel prices will go up 350 yuan per ton starting Read more…
By Gwen Ackerman
Israeli Foreign Minister Avigdor Lieberman said that two Iranian gunboats are planning to sail late today to Syria through Egypt’s Suez Canal in what he called a “provocation.”
“Regretfully, the international community isn’t showing readiness to deal with the recurring Iranian provocations,” Lieberman said today in a speech to U.S. Jewish leaders in Jerusalem. “The international community must understand that Israel can’t ignore forever these kinds of provocations.”
The Israeli statement comes five days after Egyptian President Hosni Mubarak stepped down and unrest in North Africa spread to the Persian Gulf, where Bahrain and Iran have seen anti-government protests since Feb. 14. Israeli leaders have voiced concern that Iran may exploit Read more…
Pirates hijack $200 million crude oil: owners say Somali pirates dangerously disrupting world oil supplies
A supertanker carrying about $200m (£125m; 146m euros) worth of crude oil has been hijacked off the coast of Oman, the vessel’s Greek operator says.
Athens-based shipping company Enesel said they had lost communication with the Irene SL.
The 333m (1,093ft) vessel was on its way from the Gulf to the Gulf of Mexico when it was attacked.
Although the incident happened hundreds of miles from Somalia, pirate gangs are known to operate there.
A body representing the owners of much of the world’s tanker fleet warned that Read more…