Gas Prices

Oil prices surged to almost $70 a barrel last week over concerns about the restart of Iran's nuclear program. But the worst may be yet to come. Experts say that prices could soar past $100 a barrel if the U.N. authorizes trade sanctions against Iran, and Iran curbs oil exports in retaliation. A sharp global economic slowdown could follow.
That's the dilemma the United States and European nations face as they decide whether to act. But Iran would also pay a hefty price if the oil money that represents 80% of it's export revenue is reduced, potentially stirring civil unrest in a nation with a 14% unemployment rate.
Iran exports roughly 2.5 million barrels per day - 1 million barrels more than current excess production capacity worldwide. Experts say that even if Iran pulled a small amount of its oil off the market, prices could jump over the $100 per barrel mark. Think Katrina was bad? ?
I may have to alter my backyard landscaping and start a local bio-diesel operation. . .