That's a loss of 5 millions barrels/day, roughly 5% of the world's daily oil production. Buy a Tesla - perhaps with the money you made holding oil stocks.
btw - The stock market was due for a correction - Monday might be the day.
Most coming back online by mid-week.
Pompeo says there was no evidence the attacks came from Yemen and blames it on Iran.
cramer said:Pompeo says there was no evidence the attacks came from Yemen and blames it on Iran.
Nah, it was because Hillary's emails got intercepted by dissidents in Somalia.
Sane response to Pompeo:
I’m glad I locked in my heating oil la$$$t week
Saudi output has been impacted but oil stockpiles remain high because of US exports of oil - in June the US briefly became the world's largest exporter of oil, even more than Saudi Arabia or Russia.
Of much more interest: Who Done It?
While the White House is pointing the finger at Iran, there is no credible evidence to support this claim. On the other hand, there is no credible evidence saying that Houti did it - or not.
Despite the sacking of Bolton, I am concerned that there are forces trying to push the the US into an ill faited attack on Iran.
U.S. has plenty of oil. If Saudi capacity comes back on line soon, this will be just a short-term boost in the market.
OrangeA-- tweeted, he will release oil from the stockpile if this becomes a big problem.
Why the Houthi claim of responsibility is credible:
With all the satellite radar surveillance in the Mideast you'd think there would proof that the drones originated from Iran. Satellite or radar tracks that can be verified.
What we're told is that the drones originated from Iran. So what? Iran supports the Houthi's. Therefore, it is expected they would supply them.
Just as we support the Saudi's. The continual bombing of Yemen with the using or military hardware, American supplied planes and manufactured bombs. Yemen has 10 million people starving because of Saudi attacks using American planes and bombs. I've seen pictures of Yemen infants and children who look like concentration camp victims. I've seen children who died of starvation.
We're outraged because the Houthi's are using Iranian weapons? What about the outrage of Saudi's use of American weapons for their program of genocide? But then oil is more important than people.
It's time that American political leaders start pushing back against our support of Saudi Arabia. They are the worst of the worst and offer us nothing at all in return. Here's a good summary from Kevin Drum:
But nothing Iran has done holds even a tiny candle to Saudi Arabia’s behavior. The theological terrorists who control religion in the Kingdom have been exporting their murderous anti-Americanism for decades. Their citizens were behind 9/11 and they bear a fair amount of responsibility for the rise of ISIS as well. They’ve been fighting Yemen forever and their current war has included endless atrocities—which Geraghty generously suggests were merely “botched” operations.¹ Internally they’re as repressive a regime as you can imagine, even more so than Iran. Just recently they murdered a critic and then carved him up with a bone saw to get rid of the evidence. They are forever trying to get America to lay down American lives in their endless proxy wars against Shiite Iran.
I could continue, but why bother? I would say that over the past few decades, Saudi Arabia has been America’s worst nightmare. Not Russia, not China, not Iran, not North Korea. All of them are frankly pipsqueaks compared to the damage Saudi Arabia has done to American interests.
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