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Will $200 oil kill the economy?
Unrest in key oil-producing nations opens the door to price spikes that could push gas to $7 a gallon and spin the world back into recession. Here’s how we’d get there, and how to protect your portfolio.
Are your pocketbook and portfolio ready for $200-a-barrel oil?
This kind of dramatic price spike may seem less likely now than a few days ago, with oil markets calming down a bit and the price slipping below $100. But given the instability and unrest rolling through the Middle East and North Africa, it’s a definitely a viable scenario.
For the moment, most oil sector analysts have gone off high alert because of a Saudi Arabian pledge to increase production to make up for any shortfalls sparked by unrest. But that ignores a key angle in all this: There’s simply not enough spare capacity to make up for the production losses we’d see if the rolling crises in the region hit just two or three major producers at once.
This could easily happen, given the heightened Read more…
Food prices to skyrocket, riots could follow, suggests USDA
http://www.naturalnews.com/031545_USDA_food_prices.html
(NaturalNews) When the upswing in commodity prices eventually makes its way throughout the food system in mid-to-late 2011, food prices are sure to spike with levels potentially reaching those of 2008, announced U.S. Department of Agriculture (USDA) economist Ephraim Leibtag at the agency’s annual Outlook Forum. And if conditions escalate rapidly, there is also the potential for food riots and other civil unrest.
The USDA is predicting a 3.5 percent increase in food prices in 2011, which is about twice the overall inflation rate but less than the 2008 increase, according to a recent Reuters report. In 2008, food prices rose 5.5 percent, which represents the highest increase since 1990. But the possibility of food prices dramatically rising in 2011 like they did in 2008 is a definite possibility.
“Given that it’s still earlier in the year, I’m prone to be conservative on the side of the forecast,” said Leibtag. “It’s a possibility,” he added, concerning the likelihood of massive inflation in Read more…
Omani Forces Break Up Demonstration
Omani forces have dispersed demonstrators who were blocking the road to a port in the northern industrial city of Sohar, where protests earlier this week turned deadly.
Reuters news agency quotes witnesses as saying one person was injured Tuesday when security forces fired warning shots into the air. Witnesses said tanks were also deployed.
The protesters had taken to the Read more…
Iran Seeks Missile Components in Norway, Official Says
Norway yesterday said it had thwarted a number of attempts by Iran to obtain from small domestic firms components suited for incorporation in nuclear-armed missiles, Reuters reported (see GSN, Feb. 10).
(Mar. 1) – Iran‘s Sajjil 2 missile lifts off in a 2009 test. The Middle Eastern nation has unsuccessfully sought potential missile components from Norway on several recent occasions, a top Norwegian security official said yesterday (Vahi Reza Alaee/Getty Images).
Entities targeted by Iran deal in “special components that can … be used in weapons of mass destruction, for building missiles,” Norwegian Police Security Service General Director Janne Kristiansen said. The United States and several European powers suspect Iran’s nuclear program is geared toward weapons development, a contention consistently denied by Tehran (see related GSN story, today).
Iran has focused in the past 12 months on acquiring Read more…
Eyewitnesses: 30 tanks spotted en route to Bahrain from Saudi Arabia
Bahrain–Eyewitnesses have reported seeing an estimated 30 tanks being transported into Bahrain from Saudi Arabia on Monday night at around 6:45pm local time. The tanks were sighted along the King Fahd causeway, which links the small island-nation of Bahrain to Saudi Arabia.
Commuters traveling along the 25-km causeway were held up due to the presence of “15 tank carriers carrying two tanks each heading towards Bahrain.” Civilian eyewitnesses could not, however, confirm whether the tanks belonged to the Saudi military.
The presence of Saudi military hardware in Bahrain is considered Read more…
Bernanke warns on oil price ‘threat’
AFP – US Federal Reserve Chairman Ben Bernanke speaks during a hearing of the Senate Banking, Housing and Urban … WASHINGTON (AFP) – Federal Reserve chairman Ben Bernanke on Tuesday warned a “sustained” rise in oil prices could threaten US growth and spark dangerous price rises, as he eyed turmoil in Libya.
Bernanke told Congress he believed unrest in the oil-rich Middle East would result in “temporary” and “modest” increase in US prices, but acknowledged greater risks remain.
“The most likely outcome is that the recent rise in commodity prices will lead to Read more…
Global warming means more snowstorms: scientists
Climate change is not only making the planet warmer, it is also making snowstorms stronger and more frequent, US scientists said on Tuesday.
Workers remove snow from a runway at O’Hare International Airport on February 3, in Chicago, Illinois. Climate change is not only making the planet warmer, it is also making snowstorms stronger and more frequent, US scientists said on Tuesday.
“Heavy snowstorms are not inconsistent with a warming planet,” said scientist Jeff Masters, as part of a conference call with reporters and colleagues convened by the Union of Concern Scientists.
“In fact, as the Earth gets warmer and more moisture gets absorbed into the atmosphere, we are steadily loading the dice in favor of more extreme storms in all seasons, capable of causing greater impacts on society.”
Masters said that the northeastern United States has been coated in heavy snowfall from Read more…
Largest earthquake in 35 years hits Arkansas
The central Arkansas town of Greenbrier has been plagued for months by hundreds of small earthquakes, and after being woken up by the largest quake to hit the state in 35 years, residents said Monday they’re unsettled by the increasing severity and lack of warning.
The U.S. Geological Survey recorded the quake at 11 p.m. Sunday, centered just northeast of Greenbrier, about 40 miles north of Little Rock. It was the largest of more than 800 quakes to strike the area since September in what is now being called the Guy-Greenbrier earthquake swarm.
The activity has garnered national attention and researchers are studying whether there’s a possible connection to the region’s natural gas drilling industry. The earthquake activity varies each week, though as many as nearly two dozen small quakes have Read more…
Biblical Prophecies Are Being Fulfilled
Biblical prophecies are being fulfilled. God is setting the stage for the Battle of Armageddon and the Second Coming of Our Lord and Savior, Jesus Christ.
God is setting the stage
Uprisings in Egypt and now Libya are setting the stage for things to come. Iranian President Mahmoud Ahmadinejad says similar chaos will break out in Europe and North America. Biblically, all of this will lead to what most of us already know is coming: Read more…
VERY INTERESTING” LEAK”- Resurfaced-The Map of the “New Middle East”
“Hegemony is as old as Mankind…” -Zbigniew Brzezinski, former U.S. National Security Advisor
The term “New Middle East” was introduced to the world in June 2006 in Tel Aviv by U.S. Secretary of State Condoleezza Rice (who was credited by the Western media for coining the term) in replacement of the older and more imposing term, the “Greater Middle East.”
This shift in foreign policy phraseology coincided with the inauguration Read more…
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