Higher oil prices all over earth will come from closed Iraq Refinery

Realpolitik: How the crisis in Iraq will affect your pocketbook

Haaretz

- ‎56 minutes ago‎

Iraq is the world's largest oil exporter after Russia and Saudi Arabia, and closed refineries mean higher prices. By Dafna Maor | Jun. 19, 2014 | 4:08 AM.

 

 

I can't seem to quote this one because I don't have a subscription to Hareetz.

 

The point seems to be that both the Iraqi Army and the world are going to be worse off without this refinery. So, this will cause oil prices to increase too worldwide as well as (in the long run) possibly causing the Iraqi army to lose this war with ISIS. However, maybe ISIS will run this refinery and sell oil itself since it already runs oil well in northern Syria that Assad gave them because he couldn't deal with them either without just bribing them with land and oil wells so they would more or less leave him alone. Remember, the head of ISIS, al-Baghdadi, has a PHD so he is no dummy. Also Osama bin laden didn't want to rule a country, Baghdadi does and is right now de facto. So, in this sense he is much much scarier to the world than Osama Bin Laden ever was.

 

So, this increase in oil price will benefit oil producers in Saudi Arabia, Russia, the U.S. and everywhere else that has oil to sell right now worldwide.

 

The real problem I see is that this is going to increase starvation (the rising price of oil) to unheard of levels around the world because it will be too expensive to ship food to poor people unless it is donated.