Thursday, 01 March 2012 21:44

Markets react to explosion which destroys oil pipelines in Saudi Arabia's Awamiya

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-- Oil went up $3 a barrel within two hours of this. Looking at all three reports it appears as though the damage is major, if not complete destruction as claimed by Iran's Press TV.

There are several undeniable messages. First, Iran has struck a major blow to Saudi Arabia and the world's confidence in it. The amount of oil taken out of global production, for an undetermined time, will definitely be significant. But that is not the biggest point. The message now seen by the world is that Saudi Arabia is completely vulnerable. Oil is headed for the moon. Saudi Arabia is destabilizing, and Iran is flexing serious muscle. And the West is about to mess its pants.

The biggest lesson of all is that nations that understand and react to the world as if Peak Oil were true are succeeding. While those nations in denial, delusion and fantasy are failing rapidly.

Chaos en route... -- MCR

Press TV: Explosion destroys oil pipelines in Saudi Arabia's Awamiya

Arab Digest: Saudi Arabia's Eastern Revolution hits the oil sector: pipeline under fire

CNBC: Stocks End Off Highs on Saudi Pipeline Reports

 

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Last modified on Thursday, 01 March 2012 23:33

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