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Originally Posted by Simon W. Moon  Do you also remember Gulf War I where its military and military equipment were destroyed en masse? And the long period where Iraq was restricted in its ability to import military items? |
I don't remember the 1st Gulf war being very challenging either, even on such short notice. Not to say Iran is a guaranteed pushover.
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Originally Posted by Simon W. Moon Have you ever heard about how the price for oil is set? It's a 'global' market. That means whoever in the whole world is willing to pay the most for the petro is who will get the petro products w/o any regard as to where it comes from. Canada and Mexico aren't going to keep their prices stable and refuse to sell to Europe and China. That oil will go to the highest bidder just as it does now. The big difference will be that the supply of crude will be drastically smaller.
And of course, when the supply of a necessity decreases drastically while the demand remains the same, the prices for that commodity _______. |
But the oil will not magically disappear. Higher oil prices is a small price to pay to avoid nuclear proliferation.