Jeff Poor / Business & Media Institute | July 3, 2008

The consequences of a military attack on Iran to thwart its nuclear intentions could have a devastating economic impact.

NBC News chief foreign correspondent Richard Engel warned on the July 1 “NBC Nightly News” an attack by Israel could send oil prices soaring – sending gas prices into territories never imagined.

“I asked an oil analyst that very question,” Engel said. “He said, ‘The price of a barrel of oil: Name your price – $300-$400 a barrel.’”

What would oil at those levels mean? A June 11 Time magazine story by Robert Baer put the price of a gallon of gas at $12 if oil goes to $300 a barrel. In May, Robert Hirsch, Management Information Services Senior Energy Advisor, told CNBC’s “Squawk Box” the oil at those prices could mean $15-a-gallon gas.

“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said.

Engel maintained Iran could disrupt oil shipping through the Strait of Hormuz, induce Iranian-back militias to destabilize Iraq and Iran’s allies in Lebanon and in the Gaza Strip could threaten Israel. That would create “a line of fire from Tehran all the way to Jerusalem” according to Engel.

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