Peak Oil News: t r u t h o u t - Saudi Hostage Drama: Violence and a Looming Oil Crisis

Tuesday, June 01, 2004

t r u t h o u t - Saudi Hostage Drama: Violence and a Looming Oil Crisis

t r u t h o u t - Saudi Hostage Drama: Violence and a Looming Oil Crisis

The attack sent shockwaves through a western world already facing high oil prices and now the prospect of worsening violence in a kingdom riven between its ruling royal family and jihadist groups determined to bring it down.
As Saudi security officials surveyed the horror, energy experts warned of the potential for a global fuel crisis triggered by instability in the country with the world's largest reserves.The situation in Saudi Arabia has already pushed prices to $40 per 25-gallon barrel.
"This is close to the nerve centre of the Saudi oil industry," said Yasser Elguindi, an analyst with Medley Global Advisers in New York. "It could have a devastating impact on the oil market when we reopen [on Tuesday] after the Memorial Day weekend."


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