Obama, Oil, Iran

More on the Iran controversy:

Calling the price of oil one of the world’s most “dangerous weapons,” Democratic presidential candidate Sen. Barack Obama (Ill.) on Friday painted a doomsday picture of $12-a-gallon gas to highlight the importance of ridding the U.S. of its addiction to foreign oil. . . .

Obama used Iran as an example to illustrate his point, saying that, if the country decided to blockade the Strait of Hormuz, oil prices could double to $300-a-barrel and the price of a gallon of gasoline could triple in the U.S. to $12.

$300 per barrel oil isn’t that far away regardless of whether we attack Iran. In the last year alone, the price of a barrel of oil has doubled from $70 to $140. How much will crude be selling for a year from now?

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Founder and Editor-in-Chief of Occidental Dissent