The global oil disaster scenario

Last week, CNN aired a one-hour documentary on oil presenting a scenario of global disaster that could happen soon. It goes like this: Al-Quida terrorists, known for their proclivity for asymmetric timing, destroy much of Saudi Arabian oil production during a vicious hurricane that strikes Texas oil refineries. In days, a large piece of global oil production and refining is crippled for an indefinite period, tripling the global oil price and causing a crash in all world markets.

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