Bloomberg; Brent Crude at $120.00 a barrel if Middle East unrest continues to spread

Posted on February 22, 2011 by

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A $120.00 a Barrel! #$@%^*Q&$

Blame Bernanke… No no blame Bush!
Not quite but, they both certainly have contributed.

Well how about a heaping helping fecal load of ….
Obama’s Spreading the Wealth….. around …..the world.

Watch Your Wealth go bye bye!

So the Fed, “Ben Bernanke” prints more dollars and floods the global currency markets driving prices of food up and the value of the dollar down, Globally!  As a result the cost of a simple pound of grain is pushed out of reach of nearly all the citizens of Middle Eastern countries.  The lack of affordable food is creating major tensions and panic in these countries.  The unrest is stirring this crisis in the oil markets and we are starting to see the fallout at our local gas pump in a big way.  Brent Crude opened yesterday around $105 a barrel and hit a high of $108 before markets closed on Monday.  Goldman predicts $110 a barrel Brent crude if unrest persist.  However they predict much worse if unrest spreads to even more Middle Eastern countries.

“The big risk for the world is that oil prices skyrocket to, say, $120 a barrel for Brent,” Arjuna Mahendran, the Singapore-based head of investment strategy for Asia at HSBC Private Bank, told Susan Li on Bloomberg Television’s “First Up Asia” program. “That could really cause a mini recession in this consumption upsurge that we’ve seen in the U.S. starting late last year.”
Source : Bloomberg

 

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This will dramatically effect the cost of food and the prices of other items in America that require transportation over vast distances. Here comes some serious inflation folks. But don’t worry. The Fed, Bernanke and the US Treasury, Tax Cheat Timmy Gietner fixed the way they configure inflation rates so we wont see it. wink wink!

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