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The Recessions of 1973,1980,1991,2001,2008 Were Caused By High Oil Prices

In Libya strikes by oilfield workers have reduced daily production of crude oil dramatically from 1.6 million barrels a day to an estimated 250,000 barrels a day. In Iraq there have been bombings of pipelines which have interrupted production and promise to put a cap on Iraq’s ability to increase oil production. In Nigeria production has fallen by 10%  daily due to leaks caused by the plundering of the oil by political trouble-makers.

via Forbes – Energy http://www.forbes.com/sites/robertlenzner/2013/09/01/higher-oil-prices-are-being-caused-by-events-in-libya-iraq-nigeria-and-egypt-as-well-as-syria/

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