Kurt Nimmo
Infowars.com
February 23, 2011
On the day after pastor Lindsey Williams went on the Alex Jones Show and talked about the globalist plan to destroy the dollar and jack up oil prices through the stratosphere in an effort to wreck the economy, the price of oil went up to just short of $100 per barrel. Sources inside the oil industry told Williams the price will ultimately reach between $150 and $200 per barrel. Williams also told Alex Jones the oil producers Saudi Arabia and Iran will be targeted.
Watch part 2, part 3, part 4, part 5.
Analaysts are predicting that the situation unfolding in Libya may spread to Saudi Arabia and other oil producers in the region and this will result in radical price fluctuations as sharp as those in the 1970s when an OPEC embargo produced serious gasoline shortages in the United States.
In Europe, benchmark crude for April delivery went up 74 cents at $96.16 a barrel, the highest since October 2008. The contract skyrocketed to $5.71, or 6.4 percent, and settled at $95.42 on Tuesday.
Reports indicate Gaddafi’s security forces may sabotage the country’s oil industry. “Among other things, Gaddafi has ordered security services to start sabotaging oil facilities. They will start by blowing up several oil pipelines, cutting off flow to Mediterranean ports. The sabotage, according to the insider, is meant to serve as a message to Libya’s rebellious tribes: It’s either me or chaos,” writes Ismail Zitouny for Reuters.
Libya has the largest oil reserves in Africa. It is the world’s 15th-largest crude exporter at 1.2 million barrels per day, according to the Energy Information Administration.
Earlier in the week the Spanish oil company Repsol-YPF suspended operations in Libya. Other oil companies – including Italy’s Eni, Royal Dutch Shell, U.K.-based BP and Germany’s Wintershall – have started transporting employees out of the country.
The corporate media is getting Americans accustomed to the prospect of gas at $5 or more a gallon. “If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” Darin Newsom, senior analyst at energy tracker DTN, told USA Today.
Every 10-cent increase in gas prices translates to an additional $14 billion per year out of consumers’ pockets, Peter Boockvar, an equity strategist at Miller Tabak, wrote in a research note in January. Americans spend $1 billion per day on gas, according to the Washsington Post.
The massive U.S. deficit and national debt have worked to undermine the dollar and threaten its status as the world’s reserve currency. A weaker dollar also drives up the price of oil.
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Oil is traded in dollars and a weak dollar means foreign investors can buy more oil, which in turn drives up the price.
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Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
