Oil markets are already reacting. We've already seen that Iran is willing to talk about using oil as a weapon, and I think the markets are taking that threat seriously. |
The Iranians can ramp this up or back as they're pressed. And thus far, they have shown every inclination to do precisely that. |
The upside is the culture of entrepreneurship that comes from education and the belief in opportunities. It creates a very optimistic outlook. |
Today's exceptionally tight market gives marginal producers unprecedented power and greater geopolitical importance. They have the ability to press. They have leverage. |
Why are the Iranians pushing so aggressively instead of biding their time, like North Korea did? The obvious answer is that Iran is in a far stronger position. Iran can respond in ways that can be very painful to the international community. Iran has leverage. |
Without question, this is the worst political-risk year we've seen for energy supplies since 1973. |