Quote:
Originally Posted by DaneMcCloud
Would Iran's oil even make much of a difference to America citizens because of the refinery issue you've cited?
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Sure it would but not really because of refining. It adds to the global supply of crude. I haven't looked at the numbers in years, but the key for crude is spare supply and capacity. Back in the mid-2000s (I think it was), the GLOBAL spare capacity was something like 1 million barrels. So, if something happened (hurricane, war, etc.) that removed that extra supply, the market would understandably flip out.
I'll have to look it up now...