RE:Oil prices set to soar on Monday If it turns out that Iran supplied the drones, used in the attack on the Saudi ARAMCO facilities, I would not be the least bit suprised if the Saudi military targeted Iranian oil and gas facilities. If that happens all bets are off as to where the price of oil will settle out at. I suspect, too, if oil and gas facilities are severely damaged in an exchange of military attacks then Europe, China and other nations, dependant on these oil supplies will have no choice but to look for the US and Russia as the primary suppliers. What ever oil is in storage, currently, will be depleted quite quickly even if the US and Russia produce flat out to the max they might not be able to make up the difference for the loss of production from Saudi Arabia and Iran. Don't forget that Libya has it's own problems due to it's own ongoing civil war. Yes, the US can tap into it's strategic reserves to cover any demand at home but, if push comes to shove, even though they supply Eastern Canada with oil and the East depends heavily on oil from the US and Saudi Arabia, if the demand in the US will increase substantially, I expect that the US will keep that additional oil output for use within it's own territories and sell any surplus to Europe to prevent Russia from selling to Europe. As a result and in a worse case scenerio, Eastern Canada could be faced, not only with fuel prices that spike to the extreme but, also there could exist a fuel and heating oil shortage going into the winter. Since, there are no new pipelines have been built and what projects that were on the boards were scrapped by the Trudeau Liberal government, the only way Western Canada could get the oil to the East is by rail and there is not enough rail capacity to meet Eastern Canadian demand that would make up for the choaked off supply. In other words, Eastern Canada would be royally screwed and those that spoke out against new pipelines like the mayor of Montreal and others might be rethinking their views on the matter as they are freezing in the dark, there are line-ups at gas stations and things are a total gong-show.
OOPS! The Federal Liberals, the NDP and the Greens will be really popular then. Eastern Canadians will be up in arms. Mind you, they will have cleaner air with out all those vehicles and delivery trucks chugging up and down the roads and without all of those Americans coming to Eastern Canada for a visit because they know there is a fuel shortage in Eastern Canada. Let's just see how fast a couple of pipelines will get built then. Anyone that stands up in protest against their construction will be told what they can do with their protest. Well that's enough of politics for now before I start a major arguement on the subject.