A grim prediction that I hope wouldn't come true. But it has. And because of all this international sabre rattling, the oil speculators are bound to start buying up crude futures in the hope of some opportunistic profit from potential future shortages. All this shows just how vulnerable the oil market is to the ebbs and flows of geopolitical upsets and we poor baffled consumers sit at the end of this massive multi-billion dollar food chain getting royally shafted.
And here's another sobering snippet of news. In 2011 there was a global banking group that actually had more oil sailing around oceans in tankers than BP.
That shows just what an important trading commodity oil has become and how many of the world's financial institutions will come to rely upon crude as part of their balance sheets. So don't talk to me about any more government fuel duty rises. 2012 is going to see oil climb in price again and the last thing we need is more self-inflicted pain.