SHIPPING CEO: Iran Could Send Oil To $440/Barrel

Gus Lubin
BusinessInsider.com
3-5-2012

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.

The Rest…HERE

This entry was posted on Monday, March 5th, 2012 at 1:16 pm and is filed under Economics, Oil, World Politics, World War 3?. You can follow any responses to this entry through the RSS 2.0 feed.