Today Nomi Prins, who has given keynote speeches to the World Bank, IMF and Federal Reserve, predicted that the price of oil is going to skyrocket way above $100 a barrel. She also discussed where gold, silver and uranium prices are headed as the war with Iran drags on far longer than people believe.
March 14 (King World News) – Nomi Prins: “If we compare today to the 1974 situation where the embargo from the Middle East quadrupled oil prices over a short period of time, and that lasted for nearly a year, it did create a lot of instability and inflationary spikes and all sorts of issues with respect to monetary policy. I mean it had a large knock-on effect.
Our strategic oil reserve only has about 700 million barrels in it [when it is full – right now it only has about 400 million barrels]. And right now the US is talking about releasing, and to your point, you can’t just release oil, you can’t just turn on a switch and say here is some crude oil, process it and stick it into gas pumps, it doesn’t work that way.
The fact is that even if we did release 175 million barrels out of a reserve that could be up to 700 million, right now it’s actually 400 million, that’s half the reserve that we have. Where do you get that oil back from? So that alone is reason to pause on quickly releasing oil reserves.
And the US would part of a group that would include the G7 releasing reserves, but you have to replenish them. And we are in a situation where you don’t know you don’t exactly know when or how the chokeholds of transporting oil, if you don’t know when that’s going to meaningfully change then it’s not responsible as a country to reduce your reserves by half because you don’t know what’s going to happen on the other side. So there are a lot of questions. And in terms of fighting in Iran, Iran is doing what they planned to do which…to continue listening to Nomi Prins discuss how high the price of oil will go during this war, where gold, silver and uranium prices are headed and much more CLICK HERE OR ON THE IMAGE BELOW.
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