Global oil price may skyrocket if Middle East chaos turns into war

BANGKOK, March 31 – The global oil price is likely to skyrocket into the range of US$200-250 per barrel if political chaos in the Middle East escalates into full-scale war, according to a Thai energy expert.

Speaking at a seminar on “Decoding the Oil Crisis,” Manoon Siriwan, former deputy managing director of Bangchak Petroleum, said the ongoing chaos in Bahrain must be watched closely in case it spills over and becomes a proxy war between Saudi Arabia and Iran or a jihad, or Muslim holy war.

Should the present disorders chaos turn into a real war, he said, it would lead to an oil price spike, perhaps as much as $200-250 per barrel. In this scenario, the Thai economy would be definitely be affected.

In the second half of this year, he predicts that global oil prices will stay at an average of $105 per barrel for the rest of the year, but iut depends on the situation in the Middle East and the recovery of the United States economy.

Former deputy prime minister and onetime Siam Commercial Bank chief Olarn Chaiprawat said the oil price surge stemmed partly from the US government’s decision to adopt a second round of quantitative easing (QE2) to rehabilitate its ailing economy, which resulted in an injection of a substantial amount of US dollars into the monetary system.

Central banks in many countries holding the weakening dollar have attempted to ease their US currency's depreciation, he said.

Bankers have discussed the possibility of using currencies than the US dollar such as the euro and the Chinese yuan for oil trading.

Should other currencies be used to buy and sell oil, he said, it would fuel the volatility of global oil prices.

What Thailand should do to prepare under this circumstance is to speed up finding alternative energy sources since the country abounds with plants used to generate energy, such as sugarcane and cassava, said Mr Olarn. (MCOT online news)

-- TNA 2011-03-31

Thai Experts, these two word are oxymoron words andshould be used in the same sentence

Real fart smucker we have on our hands here...."Global oil price MAY skyrocket if Middle East chaos turns into war"

Should the present disorders chaos turn into a real war, he said, it would lead to an oil price spike, perhaps as much as $200-250 per barrel. In this scenario, the Thai economy would be definitely be affected.

oh dear!

Should the present disorders chaos turn into a real war, he said, it would lead to an oil price spike, perhaps as much as $200-250 per barrel. In this scenario, the Thai economy would be definitely be affected.

oh dear!

http://www.cbn.com/cbnnews/world/2011/March/Iranian-Regime-Video-Says-Mahdi-is-Near-/

Make it a $1000 a barrel and leave it at that ....

Global oil price may skyrocket if Middle East chaos turns into war

or if central banks continue to create money