Iran remains the wild card for the price of oil, and it is now past the March 31 deadline to reach a framework agreement on its nuclear program. But analysts expect a deal will be made and the basic framework will be initially vague, with more details to come later.
“There’s 20 million barrels in floating storage at the moment off the coast of Iran … which could hit the market pretty quickly,” said Dominic Haywood, crude and product analyst at Energy Aspects. Haywood said it will take some time for Iran to make a full release of its oil. Sanctions have cut Iranian exports to about half the 2.5 million barrels it was exporting in 2012.
FK – I don’t pretend to understand how the ‘oil markets’ work or whatever but if the common Joe is having to over pay for a product he requires to survive and have some actual quality of life because of it then the wheeler dealers need to be shut down or ‘regulated'(as much as I hate that concept for most things) out of existence and returned to a simple producer, distributor paradigm if that’s possible.
There’s nothing wrong with getting rich, if you’re doing it honestly and not screwing people in the process.
And what else is involved in this process?