Fears, Again, of Oil Supplies at Risk - New York Times
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Saved by 1 people (0 private), first by anonymouse user on 2008-07-03
- Liveinfreedom on 2008-07-03 - Tags no_tag
Public Sticky notes
The real trouble would be only if countries cut off oil supplies, and that won't happen.''
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Mr. bin Laden has long made clear that his ultimate goal, more than wreaking havoc in the West, is toppling the Saud family. And Saudi Arabia would be a crucial target for anyone seeking to cut deeply into the world oil flow.
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Saudi Arabia exports about eight million barrels a day and is the biggest single supplier of oil to the United States, accounting for 1.7 million barrels a day.
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Even over the past year, as Iraq intermittently curtailed its exports of two million barrels a day to demand changes in the United Nations sanctions against it, Saudi Arabia acted as the ''swing producer,'' making up much of the difference.
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Short of withering in the grip of a coup d'état, Saudi Arabia's oil exports could be cut if its rulers decide that they no longer can afford to support the United States-led campaign against terrorism.
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If the bombings kill many civilians or if the war expands quickly, the Saudis may feel that they have no choice but to veer away from the United States and reduce the flow of oil.
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If oil supplies from the Middle East dwindle, the impact on the United States would not be acute shortages, at least for a few months. Less of its oil comes from the Persian Gulf now, and more from Canada, Mexico and Venezuela.
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