$100 A Barrel??

Source: Guardian Unlimited/The Observer

At this rate, we'll be taking out a loan or a second mortgage for a tank of freaking gas. This is insane!

The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.

A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. 'If we have one more big problem we are going to have triple-digit oil prices.' Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.

He does believe it would be short-lived, but how many people who are already struggling to pay are willing to go to war with Iran next if it could cause gas to go higher?

Tags: [growing international crisis over Iran's nuclear program], [another crisis could make oil go for $100 a barrel], [$100 a barrel], [If we have one more big problem we are going to have triple-digit oil prices.]