The West put itself in the corner with its idiotic policies. If Iran cuts oil supply to US then american economy goes South but the gas prises will go through the roof...........

However, some american companies will only benefit from higher gas prises.
Welcome to the Land of the Free.....

NPR

Tue, 01 Jul 2008 22:52:00


OPEC President Chakib Khelil has said a steady dollar and the easing of tensions between Iran and the West will stabilize oil prices.

"This is not an issue of supply," Khelil said at the 19th World Petroleum Congress in the Spanish capital Madrid. "Unless we address the real causes, we will not see lower oil prices."

Khelil said that there was 'a need to do something about geopolitics and the dollar', adding that the oil market was concerned over a 'war risk' in some oil producing countries.

Oil price skyrocketed to $143.67 per barrel on Monday over mounting speculation that Israel plans to launch a military strike on Iran's nuclear facilities.

A senior Pentagon official told ABC News on Tuesday that there was an 'increasing likelihood' that Israel would launch an attack on Iran before the year's end.
Khelil further said there was enough oil reserves to meet the market demand for the next 50 years, but added that the Organization of petroleum Exporting Countries (OPEC) was concerned about the 'security of demand'.

"I don't think anyone questions that we have enough resources; the issue is if we are able to supply it to the market," he said.

Khelil said OPEC members currently have 120 development projects in the upstream sector to increase their production capacity by four million barrels per day from the current levels by 2012.

Press TV - OPEC to West: Ease tension with Iran