Forbes Blog publishes warning
The media is finally showing concern about possible blockage of the Suez Canal because of the riots in Egypt.
The situation could have ripple effects worldwide if the Suez Canal becomes jeopardized or even shut down. According to Canaccord Genuity, “this may be impactful as approximately 1.8 million bb/d of oil was transported through the Suez Canal in 2009.From The Forbes BlogA closure of the canal would result in an extra 6,000 miles of travel for any oil being transported out of the region, an additional cost which could drive up oil prices.” International oil prices are already racing towards the $100 a barrel mark. Brent crude oil contracts for March, “the global benchmark,” hit their highest level since late 2008 at $99.63 per barrel on January28.
Kalif Obama is jawboning Egypt's Mubarik to be nice to the rioters in Egypt. That's his entire response.
Oy!
Recall 1952. I was cruising the Mediteranean with the 3rd Battalion, Eighth Marines. Events in Egypt under Nasser threatened a shutdown of the Suez Canal. English and French ships sailed there and kept the canal open.
Meanwhile, we of the 3/8 had been sitting aboard ship at Suda Bay, Crete, awaiting events. Also awaiting, jocularly, our USMC-issue camels.
That was President Truman's response to threats to the freedom of the seas. Kalif Obama is incompetent.
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Some days, remembering history is pure hell!
