Iran warns of $200 oil if US pursues sanctions

[Martrae]

Aug 3, 9:50 AM (ET)

CARACAS, Venezuela (Reuters) - Global oil prices could hit $200 per barrel if the United States pursues sanctions against Iran for its nuclear development program, an Iranian official told Venezuelan state TV on Thursday.

Iran's Foreign Relations Vice Minister Manuchehr Mohammadi said, "The first consequence of these sanctions would be an increase in the price of oil to around $200 per barrel."

The statement comes after the United Nations on Monday demanded that Iran suspend all nuclear development within a month or face the threat of sanctions.

Iran responded that it had a sovereign right to nuclear development.

Tension over Iran's nuclear ambitions, which has rattled oil markets in recent weeks, has been overshadowed by the bloody conflict in Lebanon.

Venezuelan President Hugo Chavez has backed Iran's nuclear program and developed close ties to the Iranian government.


Time to start busting out the bicycles!

[Zanchief]

The world would be so much better off if there was no more oil. You know how long it would take to find a viable alternative fuel source if we really had to? About a week.

[Gidan]

anyone see gas price skyrocketing based on future oil price predictions? We should just destroy the middle easy oil supply, then they would have nothing to hold over the worlds head.

[Harrison]

Develop a bacteria that thrives on petroleum, then have it fucking demolish their fields.

[mofish]

The world would be so much better off if there was no more oil. You know how long it would take to find a viable alternative fuel source if we really had to? About a week.

http://www.rottentomatoes.com/m/1160778 ... ctric_car/

[araby]

Iran is holding something over our heads-seems like a plan to me. We're already in Iraq, Israel and Lebanon are at it, the pressure's on to help or assist with military action perhaps, and there is Iran making some nukes. Not only are they saying they don't have any like Iraq did-they're saying they are making them and have the right to do so! they seem determined to make an example out of us, with cutting off the oil supply or something else. this shit is scary to me, and I see ww3 happening and it freaks me out. I like that Martrae said the thing about bicycles because I thought of that also-after I thought "shit is going down"

[araby]

like my ten year old said, "why do they make wmd's if they don't plan to use them?"

[Arlos]

I dunno, why did we?

-Arlos

[araby]

power!