During the Iraq War days, we used to hear that President Bush (41 & 43) intervened because of oil. I'm sure that you remember the posters and the speeches about how our war in Iraq was about oil.
Get ready because President Obama will soon use US air power to keep terrorists from taking over a country with significant oil fields.
According to news reports, you could soon be paying a lot more to fill your tank if Iraq collapses:
"While that price is nearly 13 cents more than one year ago, most experts are predicting a relatively tame 7 to 10 cents a gallon increase in the next two weeks as the summer season kicks off.Higher gasoline prices will have an awful impact on the tepid economic recovery. In fact, it could push us into a recession rather quickly.
But any reduction in the flow of Iraqi crude due to the ongoing Islamic insurgency in the northern Iraq cities of Mosul and Tikrit could have worldwide economic consequences, according to oil industry analyst Phill Flynn, who said speculators are watching for the worst-case scenario.
“They think that Baghdad will not fall and that will be a more spirited defense of that city,” Flynn said. “But if it does fall and if the terrorists move further south, the price you’re paying at the pump today is gonna look like a bargain in a couple weeks.”
So get ready for military action to protect oil prices.
I can't wait to see how the anti-war left, and their friends in the Democrat Party, will react.
P. S. You can hear CANTO TALK here & follow me on Twitter @ scantojr.
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