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In the summer of 2008, Israel and its agents in the Bush administration drove oil prices into the stratosphere by suddenly sending a lot of signals of an imminent US or Israeli attack on Iran - one that all experts believed could not be limited to a few airstrikes but must inevitably grow into a major conflict threatening the world oil supply.

A single remark by an Israeli minister casually suggesting that such a war was certain and soon cause the largest one-day oil price jump ever.

Gasoline prices in the US soared virtually overnight to over $4 a gallon, representing a profound and instantaneous alteration of the entire US economic and financial landscape. The price spike was so extreme and sudden and frightening that many people living in suburbs or exurbs suddenly found that they could not afford to make both the commute to work and their monthly house payments. Food prices shot up, as transportation costs were passed on to consumers. Auto sales went off a cliff, especially sales of SUVs. Nobody could afford the prices or the gas. And mortgage defaults also shot up, of course.

The American press was very careful to avoid mentioning Israel and its braying for war against Iran as the most important factor in the oil price spike and consequent shock to the entire economy. Instead, the US press emphasized factors that are always present and therefore could not explain this sudden, dramatically acute price jump. The favorite demons were (1) “speculators” and (2) consumers who fail to conserve.

But these “explanations” were of course idiotic. “Speculators” did not suddenly appear in the summer of 2008. Nor did consumers suddenly become more wasteful.

But Israel must always be protected from the consequences of its actions, so this was the cover story.

Anyway, we now know that, in the single wisest act of his Presidency, Bush stood up against Cheney and Israel and refused to give a green light for a war against Iran.

And THAT is why oil and gas prices calmed right back down. But it was too late. The oil shock had severely wounded an economy that was already fragile, and the death spiral continues.

Now, people, imagine what will happen if that war takes place in the near future after all, now that Netanyahu is back in power in Israel. If Netanyahu initiated such a war, the Israel lobby would immediately scream for the US to join the war in defense of its “ally”. Can anyone imagine that Obama would say “no”? If he did say no, how long do you think it would take for Israel’s minions to remove him from office by any means necessary?

re: By samosamo, March 21 at 11:22 pm:

We may not like it, but it only makes sense. The price of something - that is, what people are willing to pay for it - is based not only on how hard it is to get right now, but how hard it will be to get next week or next month or even next year.

By Ed Harges, March 21 at 10:24 pm

Yeah, that is what I meant to say, but more like in that case, if an incident occurs like the collision in the middle east, raise the prices then ask questions. Kind of like ‘buy on rumour, sell on news’?

re: By samosamo, March 20 at 9:25 pm:

Samo: the oil companies do not raise the price of oil and gas. The price is based on trading in the open market. And you know what? The price went up because it’s simply a matter of rational thought. This traffic jam of US military vessels in the Straits of Hormuz, combined with the constant threats of war from Israel and the rise of Netanyahu there, means that the probability of a war soon in the Persian Gulf is rising again, and that means a probably reduction or interruption of world oil supply.

Think the US economy’s in a precarious state now? Wait till you see Israel’s war against Iran (a war that will be paid for in US blood and treasure). Israel will deliver the death blow to the US and even the world economy. But don’t worry about sweet little Israel. Its all-powerful lobby will pass a gazillion-dollar aid package through our Israeli-occupied Congress, insuring that the Holy State will not suffer economically from the economic catastrophe caused by Israel’s war.

The awful truth about America: we are our own worst enemy.

Too bad we haven’t got that there RADAR or SONAR quite right yet, cause otherwise this could probably have been avoided.  I saw on one of those Sci-Fi movies that in the future we’ll have somethin’ called computers, which will be so akcurate that….well, I forget…but if seemed like if’n you hooked that computer thing up with this here RADAR or SONAR that was on one of those….ah..ah….yeah, dakomentaries…. something like this wouldn’t happen no more.  Such a shame….eh?  Too bad….(shake head, shake head).

Well, I gotta go, the neighbor Joe here, his wife bought him one those there fish-finders, we’re gonna go try it out.

I can’t find the line from this article that was on msnbc’s site, but the goddamn oil companies did not hesitate to raise the price of oil and even gas went up, because when I went into town today, gas was $1.80 a gallon and coming home gas was up to $1.84 a gallon. So it seems when america attacks its ownself now oil and gas go up. When, When will the people get fed up enough with this criminal activity and actually start to do something, oh, I forgot, now the swat teams are arresting grannies and grandpas, you know that terrorist segment of america that has been overlooked far too long.