By Matt Egan
Published February 23, 2011
FOX Business
If the turmoil paralyzing parts of the Middle East and North Africa brings oil production in Libya and Algeria to a standstill, it could cause crude oil to explode to $220 a barrel, derailing the global economic recovery.
According to a new report from Tokyo-based Nomura, a simultaneous production halt from embattled Libya and neighboring Algeria would reduce OPEC spare capacity to 2.1 million barrels a day and may cause crude to spike from about $97 a barrel today to $220 a barrel.
“The closest comparison is the 1990-1991 Gulf War,” the Nomura analysts, led by Michael Lo, wrote, saying crude prices leaped 70% in seven months when OPEC’s spare capacity was cut to just 1.8 million barrels a day during that conflict with oil-rich Iraq.
While the $220 figure may sound high, Nomura said it could be an underestimate as speculative oil traders who were not around during the Gulf War may exaggerate the surge during an oil production halt.
The turmoil in Algeria hasn't gotten nearly as much attention, but that government is also believed to be very vulnerable and recent protests have led the government there to lift its state of emergency.
Read more: http://www.foxbusiness.com/markets/2011/02/23/report-north-african-turmoil-rocket-crude-220/#ixzz1EtlXvGQ2
Thursday, February 24, 2011
Lindsey Williams: China Rising and The Way of Life Here in America Will ...
Lindsey Williams: China Rising and The Way of Life Here in America Will End!! - Alex Jones Tv 1/4
Pastor Lindsey Williams returns to follow up on information he revealed about the price of oil and Middle East turmoil on the Alex Jones Show yesterday.
http://www.infowars.com/
http://www.prisonplanet.tv/
Economic Hitmen- The Globalists Agenda.
How the globalists use the IMF, World Bank and world trade organizations to buy out third world countries, working in sync with the corporations and matching steps towards a one world government.
Keiser Report: Fox News Boo, Goat poo Fail (E124)
This time Max Keiser and co-host, Stacy Herbert, talk about China regulating reincarnation and the US Air Force seeking virtual people. In the second half of the show, Max talks to Salon.com blogger, Glenn Greenwald, about the Wikileaks smear campaign and about propaganda from corporate America.
http://www.facebook.com/KeiserReport
Thousands protest against high food prices in Delhi
BBC: 23 February 2011 Last updated at 05:16 ET
Thousands of people have gathered in the Indian capital, Delhi, to take part in a rally to protest against rising food prices and unemployment.
A steady stream of protesters, carrying red flags, has been marching through the streets of central Delhi since early morning.
The rally has led to massive traffic jams in the city.
Trade unions who have called the rally say nearly 40,000 people will attend a meeting at the Ramlila grounds.
Thousands will then march to parliament, they say.
Security is tight across the city with thousands of policemen deployed at the rally ground and along the route of the march.
The protest has been organised by major trade unions, including the All India Trade Union Congress (AITUC) and the Centre for Industrial Trade Union (CITU).
The Indian National Trade Union Congress (INTUC) - which is backed by the governing Congress party - is also supporting the strike saying it wants to remind the government about its commitments to the poor.
A CITU statement said workers from 19 states, thousands of women among them, were participating in the march.
Food inflation has been consistently rising in India, pushing up household budgets.
The cost of pulses, milk, wheat, rice and vegetables has gone up sharply. Finance Minister Pranab Mukherjee has said food prices are an "area of concern".
Thousands of people have gathered in the Indian capital, Delhi, to take part in a rally to protest against rising food prices and unemployment.
A steady stream of protesters, carrying red flags, has been marching through the streets of central Delhi since early morning.
The rally has led to massive traffic jams in the city.
Trade unions who have called the rally say nearly 40,000 people will attend a meeting at the Ramlila grounds.
Thousands will then march to parliament, they say.
Security is tight across the city with thousands of policemen deployed at the rally ground and along the route of the march.
The protest has been organised by major trade unions, including the All India Trade Union Congress (AITUC) and the Centre for Industrial Trade Union (CITU).
The Indian National Trade Union Congress (INTUC) - which is backed by the governing Congress party - is also supporting the strike saying it wants to remind the government about its commitments to the poor.
A CITU statement said workers from 19 states, thousands of women among them, were participating in the march.
Food inflation has been consistently rising in India, pushing up household budgets.
The cost of pulses, milk, wheat, rice and vegetables has gone up sharply. Finance Minister Pranab Mukherjee has said food prices are an "area of concern".
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