Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
The Israel-Hamas war is “definitely not good news” for oil markets, the head of the International Energy Agency saidis “definitely not good news” for oil markets already stretched by cutbacks in oil production from Saudi Arabia and Russia and expected stronger demand from China, the head of the International Energy Agency said.
“In order to get a sustained move , we really would need to see a supply disruption,” said Andrew Lipow, president at Lipow Oil Associates, a Houston-based consultant. “The energy crisis of 1973 taught us many things, but in my mind, the most critical is that American energy strength is a tremendous source of security, prosperity and freedom around the world,'' said Mike Sommers, president and CEO of the American Petroleum Institute, the U.S. oil industry's top lobbying group.
There are several wild cards in the energy market. One is the supply of Iranian oil. Eager to avoid a spike in gasoline prices and inflation, the U.S. has quietly tolerated some exports of Iranian oil to destinations such as China instead of going all in on sanctions aimed at Iran’s nuclear program. Another wild card is how Saudi Arabia would respond if Iranian oil is restricted. Oil analysts say that while the Saudis may welcome recent oil price hikes, they don’t want a massive price spike that would fuel inflation, higher central bank interest rates and possible recession in oil-consuming countries that ultimately would limit or even kill off demand for oil.
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Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices. But don’t expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »
Long Lines At Gas Pump Unlikely, But Middle East Crisis Could Disrupt Supply, Raise PricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
Read more »