At the peak of the driving season this past summer, U.S. oil consumption averages about 20 Million barrels a day (yes, I know its dropped a little these past few years) but that is a good rule of thumb number. So a 5 dollar premium is about $100 million dollars a day for the U.S. economy; and an annual expense of about $36.5 Bn. And if you believe the analysts, the cost could be as much as 5 times these figures i.e. half a billion dollars a day or about $160 Billion a year.
Somehow there was a lot of sabre rattling before the elections – prices went up at our pumps! I wonder if Natenyahu wanted Obama re-elected? Where the oil companies completely innocent in this drive for higher prices?
One important point, inventory purchases for the summer driving season are purchased months ahead – there was NO explanation for the hike in oil prices except Natenyahu’s sabre ratling. Do you think the Republicans, Oil Companies, and Natenyahu wanted Obama re-elected? Where they trying to squeeze the American Electorate into voting for Romney?
I am sick and tired of Iran and Iranians being used as a political football – for politicians outside Iran. And American people need to know how they are also paying a huge bill for this nonsense too.
One final point, there was an estimate of 1.7 Trillion dollars for an Invasion of Iran (see another blog on IC). It really is NOT too far fechted is it? Its NOT ridiculous.
This graphic says it all…