Growing tension in the Middle-east and Iran’s political confrontation with the Western nations over its critical nuclear enrichment program have just ’spooked’ oil prices all over the world. The US President George W. Bush, on Tuesday answering to a question on U.S. retail gasoline pump prices that have been on the rise to regular $2.71 a gallon for nine straight weeks, asserted,
The price of crude oil is on the rise because people get spooked for example when it looks like there may be a crisis with a crude oil producing nation like Iran.
Iran is one of the leading oil producer nations, an OPEC member and the fourth chief oil exporter in the world. Oil and natural gas markets haven been suffering greatly in the recent past, owing to the long disagreement over Iran’s nuclear plan between Iran and the U.N. Security Council.
Crude oil price in the U.S. has gone above $68 a barrel last week that was the highest ever in the last six months.
Iran is known for its defiant stance especially when it comes to conversation or negotiation with the West. And the recent abduction of 15 British sailors and marines by Iran on March 23 in the northern Gulf, which they have agreed to release now, has helped a rapid raise in the oil price in the global market.
Oil prices may have gone a bit down after Iran agrees to release the British marines and sailors it had captured in the Persian Gulf and held for almost two weeks, ever mounting tension in the Middle-east and the gulf will always remain a serious threat to the tentative oil and gasoline market.
Comments
We shouldn’t be pointing fingers. Rather, we should think about what we can do to save the remaining fuel we still have. You don’t have to ask ”does the tornado fuel saver work?” or if hypermiling does have the effect it promised. We have to do our own part in saving fuel, no matter how small that part seems to be.