SHIPPING CEO: Iran Could Send Oil To $440/Barrel
The scariest Iran scenario yet comes from Bob Bandos, CEO of marine logistics and services company GAC North America.
Bandos tells Pierre Bertrand of the International Business Times:
[T]ankers can haul 1.8 million barrels of oil a day through the strait. If that supply is choked off, the effect would be similar to the fuel shortages of the 1970s – but more extreme, Bandos said.
“That would be nothing compared to this,” Bandos said, who added the shortage would be global.
If the 1973 embargo experience repeats itself, the price of a barrel of oil could soar to $440 a barrel.