If Oil went to $100, $200, $300 Dollars a barrel who would get hurt?

Question

The production of Food and Medicine is under a direct threat if oil jumped due to Iranian or Iraqi or any other true threat to it's free flow throughout the worlds free markets. Cheap oil assures cheap prices and surpluses of food and Medicine which is the main Staple of survival for most of the worlds Poor. Alternative fuels are an option but would ensure the death of a Billion poor before it was an efficiant replacement. The wars civil, economisc and International would kill untold millions. Free market economies would be overthrown by starving masses a super war would ensue. The US and it's Allies are trying to be proactive and ensure stabilization. It is however not in the interest of many rogue nations and many politicos bent on the destruction of the west. make a mental list of how you would cope if oil was at $300 per barrel. Would you call for WAR then?

Answer 1

Everyone including the rich oil companies. It would cause a world wide depression. The majority of us would have to sell our houses and find accomodations much closer to the work place. Ie: walking distance. We would also need to find houses near the work place with fireplaces although wood would be scarce so we would all freeze in the winter and roast in the summer. Or we might see hyper inflation. Minimum wage at $500 an hour and a loaf of bread for $375.00

Answer 2

First of all, remember that the dollar is going down because of Bush's smart policies. So a lot of the increase is actually dollar value going down. Two the day traders that raise the price of oil are people like Goldman Sachs, not ARAMCO. Three : America cant invade Iran now, let alone Saudi Arabia, because other than many factors I dont want to get into it would totally destroy the economy, or whats left of it that Obama needs to fix.

Answer 3

Everyone would be hurt, it would destroy the economy all over the world. It would throw the world into a deeper depression then any that we have ever seen.

Edit: Bush is the problem not the answer, the war in Iraq has destablized the price of oil, It was selling much cheaper before we invaded Iraq and destabolized that part of the world, which happens to be one of the biggest oil producers.

Answer 4

Though I've always been against the war in Iraq (most Libertarians like myself are), History might actually show that it was a good move allowing the US to take control of the Middle East and stabilize the oil industry from fanatics like Mahmoud Ahmadinejad.

Answer 5

In 1973 the Arab countries stole the property of oil companies when they nationalized their holdings in the Arab countries. The buildings and equipment did not belong to the Arabs, this cause oil crisis of 1974. Nothing was done so we are paying through the nose for oil now.
Chavez just did the same thing.

They all took the property illegally so I say we need to just go and take it back.

Answer 6

It would put our whole economic system into a tailspin. We would sorely regret letting the greenies and their congress buddies block every attenpt to make it easier and cheaper to produce our own energy.

Answer 7

Who would get hurt? Any stupid country that refuses to decrease their dependency on oil. Of course, if you have an administration that is making money off oil sales that doesn't seem to be happening. I wonder why?

Answer 8

Please see the question, "How much does a barrel of oil really cost, including the trillions of $$ cost in military action to get it?"...and that's only the cost to the U.S. taxpayers! Think of the cost in human—that's H-U-M-A-N—lives, and the cost to other human's consciences?

Answer 9

first the poor countries get hurt. then the industrial countries and finally all oil producers.

Answer 10

Everyone would be hurt by this. This would effect every corner of manufacturing, energy, and transportation.