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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: ThirdEye who wrote (69313)	5/31/2006 1:43:47 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 362466

You mean something like this? Sanctions Could Lead To $250/Bbl Oil - Iranian Lawmaker TEHRAN (Dow Jones)-- World crude prices are moving toward $100 a barrel and could hit $250/bbl if sanctions are imposed on Iran, a prominent Iranian lawmaker said Monday. "The price of oil will certainly reach $100/bbl, and it is out of anyone's hands to do anything about it," Kamal Daneshyar, chairman of the Iranian Parliament's Energy Committee, told Dow Jones Newswires in a telephone interview. He said the move toward the $100/bbl mark stems partly from demand exceeding supply. "The consumption of oil in the world has outstripped its production," he said. He also predicted that if the Western world, led by the U.S., imposes trade and economic sanctions against Iran, crude oil prices will rise to around $250/bbl. "The world will have to watch the transport of a large quantity of its needed oil through the narrow Starit of Hurmuz," said Daneshyar who has generally favored high oil prices. About two-fifths of the world's oil supplies pass through the Strait of Hormuz, the 54-kilometer-wide entrance to the Persian Gulf that passes between Iran and the United Arab Emirates. He said the jump in the price of oil to $250/bbl will come from the punitive measures against Iran and it will be by no means certain that in the event of sanctions Iran would sit back and let others go on exporting their oil through the waterway as if nothing had happened. "It would be wrong to think that (the West) can subject Iran to sanction with business as usual for other exporters," he said. Higher oil prices are being supported in part by tensions over Iran and its nuclear program. The fear is Iran could halt exports if sanctions are imposed against it adding further to the tight supply. Iran is accused by the Western powers of concealing its nuclear weapons under the guise of a civilian nuclear program. The five permanent members of the U.N. Security Council are deadlocked over how to deal with the situation. cattlenetwork.com