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Iran's Riyal Plunges To Record Low After US Sanctions

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posted on Jan, 2 2012 @ 06:34 PM
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reply to post by Daedal
 


Yeah we started a program called "Strategic Oil Reserves" .. though we never actually greatly increased the capacity of the Reserves compared to actual usage. Coupled with the fact that all through the 2000's we plundered the Reserves many times.

In essence ... no .. there is no contingency plan. One disruption in production would send oil prices soaring. Even more so now than 40 years ago, because unlike 40 years ago oil prices are almost pure speculating now.




posted on Jan, 2 2012 @ 06:47 PM
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I just found this a minute ago...maybe this was part of the contigency plan.

Libya's al-Sedr oil port resumes operations: official

Source

"The filling of the first shipment started today (Sunday). This is very important given the limited capabilities. Export out of al-Sedr Oil Terminal will resume and will be according to demand."

The official said a 600,000-barrel tanker would leave Ras Lanuf's al-Sedr port for a European country, without identifying it.

Interim Oil Minister Abdulrahman Ben Yazza said last month that Libya's oil output had hit 1 million barrels per day (bpd). Ben Yazza also said production would reach 1.3 million bpd by the first quarter and 1.5 million bpd by the second half of 2012.



posted on Jan, 3 2012 @ 01:30 AM
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Originally posted by Daedal
reply to post by Rockpuck
 


Do you think in the 40 yrs since the last attempt that a contingency plan has been put in place to deal with another potential crisis. So Europe would definitely be affected far more than the US would, but the side effects would cripple America as well due to the damage in Europe?


edit on 2-1-2012 by Daedal because: Edit


And the EU is pushing for an embargo on Iranian oil imports.

www.businessweek.com...

While I think Iran counts for 3% of EU oil imports, it is mainly imported into (from memory) Italy, Spain and Greece, so any embargo is going to hurt their already poor economies..



posted on Jan, 3 2012 @ 01:33 AM
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reply to post by Solomons
 


They will throw Iran under the bus before they risk their economic relationship with the USA. Iran is such a joke.



posted on Jan, 3 2012 @ 06:10 AM
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Originally posted by irontyrant
reply to post by Solomons
 


They will throw Iran under the bus before they risk their economic relationship with the USA. Iran is such a joke.


The US is collapsing under the weight of its debt burden, i think it may be the US that gets thrown under the bus.

Cosmic..



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