362 and the Price of Oil

Via Juan Cole, here is Ron Paul suggesting that the current price of oil may reflect Israeli/US threats to attack Iran.

The OPEC president agrees and forecasts that it may hit $170 before the year is out.

Paul also talks about Resolution 362; here is the relevant passage:

(3) demands that the President initiate an international effort to immediately and dramatically increase the economic, political, and diplomatic pressure on Iran to verifiably suspend its nuclear enrichment activities by, inter alia, prohibiting the export to Iran of all refined petroleum products; imposing stringent inspection requirements on all persons, vehicles, ships, planes, trains, and cargo entering or departing Iran; and prohibiting the international movement of all Iranian officials not involved in negotiating the suspension of Iran’s nuclear program;

As Paul hints, this is proposing a blockade, the consequences of which we can only imagine (it is difficult to see it reducing the price of oil).

The mindset in the preamble of the bill suggests one almost identical to that prevailing at the start of the Iraq war. Those that have been wanting a war should be happy. (And yes I see no reason why the Iranian 2008 WMD programme isn’t as much of a phantom as the Iraqi 2003 one was—see Insanity; I am done with discussing the topic.) But Iran is going to be a totally different proposition.

If it is diplomacy it is reckless diplomacy that must end in tears.

Some may blame AIPAC but the truth is we are all to blame.

One response to “362 and the Price of Oil

  1. Pingback: Chris Hedges on the Madness « Peace & Wisdom

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