So just what happens if oil prices climb through the roof? A worldwide economic crisis, that's what. Food prices would become exorbitant as the cost of producing and shipping food spirals upwards due to the much higher energy costs. In addition, economic growth would be stifled as manufacturing plants shut down, due to increasing costs of production. House prices would also tumble as the market for homes in suburbia dries up. What buyer could afford the commute to work? In short, recession if not outright depression would ensue in Western countries if oil prices rose to $150-200 a barrel for any great length of time. It would be a much worse scenario in the third world.
In the book of Revelation we are told that in very quick succession, may terrible events will transpire, (the first 4 seals of chapter 6). Wars will be engaged in, followed by food shortages, then disease and famine. How could this happen so quickly? A major war in the Middle-East would cause mass oil shortages resulting in prices of every basic necessity of life to become much, much more expensive. Those people living in the impoverish nations of the world would become even more destitute than they already are. Many millions would likely die of starvation or disease.
From the articles:
As violence has broken out in Egypt , concern has turned to the risk of the blocking of the Suez Canal or nearby pipelines, which could pose a threat to world energy supplies.
So far, oil and gas flows through Egypt port of Suez have led several shipping companies to order their ships not to change crews in Egypt
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Brent Crude rallied to a 28-month high above $103 on Thursday as the political crisis in Egypt erupted into violence, sparking fresh concern over energy supplies in the crude-rich Middle East . "The continued unrest in Egypt has prompted Brent oil prices to climb overnight to $103 a barrel, the highest level since September 2008," said Commerzbank analyst Carsten Fritsch.
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Almost immediately after angry Egyptians took to the streets last week, oil jumped to over $100 a barrel. It was the first time oil hit triple digits since the record spike to $147 two years ago. Clearly, investors were spooked at even the thought of a disruption in energy production and shipping. On Monday, we got a glimpse at one important reason why. A leading Muslim Brotherhood member said the Suez Canal should be immediately shut down.
Shippers Concerned Over Possible Suez Canal Disruptions
Oil price shoots above $103 on Egypt
http://www.breitbart.com/article.php?id=CNG.155b621fd0222d640f22c8ee8ab21457.b01&show_article=1
Will the Muslim Brotherhood Close the Suez Canal ?
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