A thought-provoking piece on the risks and consequences of war with Iran:
Eve of Destruction: Iran Strikes Backhttps://www.counterpunch.org/2019/06/24/eve-of-destruction-iran-strikes-back/"It could be a false flag. Or it could be because the Iranian government feels it’s going to be attacked and then sinks a cargo ship or two. What matters is the final result; any blocking of the energy flow will lead the price of oil to reach $200 a barrel, $500 or even, according to some Goldman Sachs projections, $1,000.
…This figure, times 100 million barrels of oil produced per day, leads us to 45% of the $80 trillion global GDP. It’s self-evident the world economy would collapse based on just that alone."
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It's looking increasingly probable that war with Iran will erupt. This would be, effectively, a Sunni-Shia war, with the US and Israel on the Sunni side. Egged on by Bolton and Pompeo, Trump came very close to serious escalation in response to Iran downing a spy drone. Trump made the right decision to stand down, by an awful process in getting to that decision.
Jim Kavanagh here points out that wholesale devastation of oil infrastructure across the Middle East would be a probable outcome of war.
So 2019 might well be the year of "peak oil." Not because oil production reaches its limit to extraction, and not because of falling demand for oil due to adoption of renewables. Rather, because of destruction of petroleum infrastructure on a massive scale.