World on the Brink of Total Economic Collapse as Iran Cuts Oil Supply

[PeakFuck]

Iran cuts off oil to UK, France

Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the Ministry of Petroleum website.

The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.

http://www.reuters.com/article/2012/...81I07W20120219

Meanwhile Saudi Arabia cuts oil production:
http://www.cnbc.com/id/46445698

[FreedomFighter]

Oil prices are at a nine month high and the highest EVER for this time of year.

[AbeSimpson]

I'm so old I can remember all the way back to the President George Walker Bush's administration! Oil was higher than $140 per barrel. Today oil is about $105.

[Paulbot]

This is Great News for Ron Paul.