CRISISBOOM

Kurt Nimmo
Infowars.com

Bloomberg warns today that an act of sabotage or a decision by a new regime – possibly headed up by the Muslim Brotherhood – to close the canal and its oil pipeline to punish supporters of Egyptian dictator Hosni Mubarak could send oil prices through the stratosphere.

Egyptian troops currently guard the canal and its adjacent Suez-Mediterranean oil pipeline but that does not mean the flow of oil – more than 1.7 millions barrels per day – cannot be shut down.

About 2.5 percent of global oil production moves through Egypt via the Suez Canal and the Suez-Mediterranean Pipeline, according to Goldman Sachs.

From 1967 until 1975, Egypt kept the canal closed in response to Israel’s seizure of Arab territory, forcing tankers to travel around the Cape of Good Hope.

Earlier today, investors increased bets that oil prices will likely increase as much as $250 a barrel on concern the unrest in Egypt will shut down the flow of oil through the Suez Canal and spread to Saudi Arabia.
Lindsey Williams and Bob Chapman on the Alex Jones Show, January 28, 2011.

On January 28, Lindsey Williams told Alex Jones the situation unfolding in Egypt is a carefully engineered event instigated by the global elite as part of a plan to bankrupt the United States and send shock waves through the global economy.

In December, Williams told Jones that his insider connections said the price of oil will soon skyrocket to between $150-200 per barrel and this price increase will result in gasoline in the range of $4-5 per gallon.

Williams became a friend and trusted confidant of oil industry executives while serving as chaplain for them and their construction crews building the Alaska pipeline in the 1970s.

Market analysts are unsure how the current crisis will Read more…