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The Spectacle Blog
As I noted last night, negotiations to finalize a European Union embargo on Syrian oil hit a snag when Italy demanded that sanctions be delayed until November 30. Today the Italians compromised, but only a little — the sanctions, which will be formally announced on Friday, will begin November 15.
When the sanctions do go into effect, they’ll have a bigger impact on the Assad regime than any diplomatic move so far. While Rome’s insistence on the 10-week delay is pretty shameful, I won’t be quite as hard on Italy as her own potty-mouthed prime minister.
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More Blog Posts by John Tabin
http://spectator.org/blog/2011/09/01/europe-to-boycott-syrian-oil-s
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conservative Bob| 9.1.11 @ 7:48PM
European moral outrage is always tempered.
I am surprised they actually are going to do anything.
But then again it is a long time until November 15th.....
Mike w| 9.1.11 @ 8:44PM
So Europe will stop buying hydrocarbon molecules that look exactly like the hydrocarbon molecules they are buying from Saudi or like the hydrocarbon molecules the Chinese are buying from Iran.
Any 8th grader knows that oil is a fungible commodity. It's basically the same everywhere.
It's the same reason that opening up ANWR will not significantly lower oil prices in the USA. I am not saying we shouldnt drill there but just don't expect it to make much of a difference.
George S| 9.1.11 @ 9:22PM
ANWR will lower prices. First, you are correct from the perspective of marginal costs -- it cannot cost 25 dollars a barrel to extract oil from ANWR, like it does in Saudi Arabia as the oil is pushed up by hydrostatic forces. However, the reason we are in a high priced market is because of Asia (China, India, etc) is causing an upsurge in demand and production.
For the longest time, OPEC was producing at 65-70 percent capacity so any disturbances or expected disturbances could be made up by the reserve. Today, oil is at peak production, meaning any disruption sends buyers panicking, jacking up prices to meet future commitments. That's why speculators are running up the prices in the $120 bbl range. Over the years, oil was always around 25 to 40 bbl -- which is why gulf drilling and shale were economically unfeasible.
But ANWR coming into the picture adds to the reserves. Very important because with a bigger cushion, speculation is reduced. As will be the price. Not to mention the psychological effect it will have knowing that we are stealing our own resources :-)
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