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February 12, 2012
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Possible Oil Embargo Open Thread

By NB Staff | January 04, 2009 | 15:14

Change font size:  A |  A

Reuters is reporting: "An Iranian military commander called on Islamic countries to cut oil exports to Israel's supporters in response to the Jewish state's offensive in Gaza, the official IRNA news agency reported on Sunday."

Readers should recall that this is similar to what happened in late 1973 in response to the Yom Kippur War thereby causing our first energy crisis.

Is this possible today? With OPEC nations in financial trouble due to oil's collapse in price, can they afford not to sell to Israel's supporters? After all, unless Saudi Arabia participated in this embargo -- it did in 1973 -- America mightn't be that impacted. 

With that in mind, is this something to be concerned with, or just more hot air coming from Iran?

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