Gasoline Prices: Consumers Can't Afford An Oil Embargo
Author and Professor
May 18, 2002
#9 of FSO's Top 10 Ask The Expert Interviews for 2001
#2 of FSO's Top 5 Financial Books for 2000
A leading voice on the oil and gas industry will comment today in response to the rising oil and gas prices, and how the imminent war in the Middle East will affect what consumers pay at the pump. Oil prices are going up because of speculation over how much oil Middle East petroleum producing countries will release. If Iraq initiates an embargo, there will be little affect on our market; if Iraq and Iran join the embargo, oil will be at $45 a barrel; and if Saudi Arabia joins the embargo, it will be catastrophic and oil will reach $100 a barrel.
There is a link between the stock market's decline and price increases, but it would have happened anyway. Supplies are running low following last year's economic slowdown. The reduction in prices and the associated pulling back of exploration and drilling programs has also had an impact. Consumers cannot afford an embargo.
Prof. Ronald Oligney, adjunct professor at the University of Houston, and co-author of The Color Of Oil: The History, the Money and the Politics of the World's Biggest Business, has a reputation for strategic success and strict technical competence combined with his Washington D.C. access make him one of the prominent voices in the current U.S. energy scene. He performs technical, R&D and management consulting services for several Fortune 500 companies, and is a close energy adviser to various parties in Washington. He has written for numerous newspapers and specialized publications and provides expert commentary for the major TV networks as well as CNN, MSNBC, Bloomberg, Reuters and National Public Radio.
Transcription of Prof. Oligney's interview (9/13/01) Conducted just after 9/11. Very insightful.