The global oil disaster scenario

The CNN documentary of last week presents a scenario of global disaster that appears probable in the next few years. It goes like this: Al Queda terrorists destroy much of Saudi Arabian oil production during a vicious hurricane that strikes Texas. In days, a large piece of global oil production and refining is crippled for months to come, instantly tripling the global oil price. Venezuela and Iran use the disaster to worsen the crisis. The US economy crashes, taking world stability with it. In the panic for oil, smoldering conflicts break into warfare among competing producing and consuming oil states. A massive global depression begins, with no end in sight, as "just in time" logistical supply lines collapse everywhere.

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