Quote:
Originally Posted by Chief
That won't happen, though it could skyrocket. If things got terrible, and I am not advocating anything for a second, but realistically if things got that bad the US would firstly release the Strategic Petroleum Reserves (giving them at least a few weeks to get things in line) and than would send troops into Iran to protect its oil production (they've drawn up plans for similar things in the past). $1000 would completely crash the world economy, I don't think they are going to allow a nation that spends 6 billion dollars a year on its military to achieve that, do you?
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$1000/barrel would crash the world economy, yes. That's why a large-scale war in the middle east would be a pretty bad thing.
As for the oil reserves...
http://news.bbc.co.uk/2/hi/americas/7541291.stm