Here’s Why Gas Prices Are Skyrocketing Right Now

Monday, April 23, 2018
By Paul Martin

by M. K. Matthews
April 23, 2018

Global economy and geopolitics are underpinning the oil price surge and gas prices are going up.

Who recalls the oil embargo of 1973? That was when the Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announced they were cutting oil exports to the United States and other countries that provided military aid to Israel during the Yom Kippur War of October 1973.

In six months’ time, gas prices had quadrupled. Prices remained higher even after the embargo ended in March 1974.

But that could never happen again…Or could it?

The current members of OPEC are made up of twelve countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

Let’s look at some of the OPEC members and their current interactions with their friends, frenemies, foes, other random players, and the resultant alliances.

For weeks, tensions have been rising between Iran and Israel, It began in February when, according to Israel, an armed Iranian drone originating from Syria penetrated the Israeli airspace. Israel downed the drone, then attacked the caravan which launched the drone from the T-4 airbase deep in Syrian territory. An Israeli F-16 jet was brought down by a Syrian missile while over Israeli territory. At this point, Israel launched an extensive retaliatory strike on Syrian air defenses and Iranian forces in Syria. This all occurred in one day. It was remarkable because no Israeli plane had been brought down since 1982.

Two months later. seven Iranian Revolutionary Guard Corps were killed in an airstrike on a Syrian air base, which Iran blamed as being done by Israel. Mutual threats of retaliation have since been issued by both Iran and Israel. Ultimately the conflict between the two countries depends on the fate of the nuclear deal. On May 12th Trump is anticipated to issue his decision on the deal.

Meanwhile, Iran is dealing with numerous internal issues. To name a few: a struggling economy, the worst drought in 25 years, increasing civil discontent, public demonstrations, and labor strikes. Last week Iranian President Hassan Rohani banned money exchangers from selling U.S. dollars and Euros. Travelers to nearby countries are limited to purchasing just 500 Euros ($615), while those traveling to more distant countries are limited to purchasing 1,000 Euros. Iranians may not hold more than 10,000 USD or 10,000 Euros.

In Israel, longstanding anti-Netanyahu demonstrations against government corruption have gained in size and sentiment. Saturday’s march in Tel Aviv numbered upwards of 4,000 people. Other more recently organized demonstrations, arranged by the Hadash party and composed of Arab Israelis, protested U.S. strikes on Syrian outside the U.S. Consulate in Haifa this weekend.

The Rest…HERE

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