Quote:
Originally Posted by mnchiefsguy
I thought it was a bit far fetched. Glen Beck always strikes me as a "sky is falling", "world is coming to an end" type, so I took his very dire predictions with a grain of salt. I do agree that if unrest hits the Kingdom, gas prices will be moving up in a hurry.
|
Crude oil prices and therefore gasoline (and every other product that consumes crude).
I'd say there's about a $10/barrel "this Libya thing is scarring the sh*t out of us" factor in the present price of crude. Libya exports about 1.5 million barrels of crude per day, which isn't a whole lot. The Saudis export about 10 million barrels per day and sit on 20% of the
world's proven reserves.
So, if it hits in the Kingdom, I would expect a panic jump in crude to about $140 to $150/barrel.
That equates to $4.00/gallon gasoline pricing.