posted on Nov, 14 2004 @ 10:11 AM
Suez Canal Shut Off, Oil Prices to Soar.
Most of the crude that travels through this canal goes to Europe, so it looks like it should not effect the US all to much, but it will have an
impact, just in time for the winter heating season!
Nov. 9, 2004
Shipping through Suez Canal, the world's most important thruway, had been stopped after a Russian company Sovkomflot’s oil tanker named Tropic
Brilliance struck ground. Tuesday morning already 135 ships had been blocked, and now many law suits threaten Russia.
Sovkomflot is a state-run company. The law suits may be brought not only by Egyptian government, but by shipping companies and oil companies, who are
suffering losses due to their contracts’ defaults. At the least estimate, the suits may surpass $2 billion.