comment Prices of Veg oil and Peanut oils take off

[kingkevindavid]

...and the next day all Saudi oil shipments to the USA will be diverted.

We only get about 21% of our oil from the persian gulf, which includes Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates. I would be willing to bet we do more for Saudi, Kuwait and some other Middle Eastern countries as far as protection and military aid that we could cut it off and not worry about them "diverting oil"
Iraq is one of the most oil rich countries in the world yet they are black marketing gas on the side of the road for astronomical fees (I have seen that in person) The Iraqi's should pay for the war either by finding a way to produce oil and sell it or pay for what we are doing for them with oil. Of course once the start producing oil, they will want our military to protect the sites where they are drilling and storing the oil.

 

[JLDickmon]

the thing that really gets me..
the restaraunt owners around here got smart..

they've started selling their used fryer oil...

going rate was $3.00/gallon..

 

[Tail_Gunner]

...and the next day all Saudi oil shipments to the USA will be diverted.

Whether the fuel is not available or the cost is beyond what consumers can pay, the end result is the same.

As long as OPEC continues to maintain near-term production levels that are inadequate to stabilize the markets, OPEC's "customers" will start going out of business. Eventually, they won't have anyone to sell their oil to.

Unless the price of oil is stabilized, the US, Canada and the rest of the world is headed for an economic meltdown.