'World economy will fall if revolts spread to S. Arabia'

Yesterday we wrote about the effect of skyrocketing oil prices on the world economy.  We noted that it would result in a cascading effect worldwide, and would greatly affect third world nations in particular.

Well today we have an article from the Jerusalem Post which says the exact same thing we said in our blog post of yesterday:  Should Saudi Arabia fall victim to the same unrest and revolutions that have swept through the middle-east, it would cause both the starvation of millions of people in the third world, and a collapse of world markets.  Pretty scary stuff, and all because oil prices climb to unprecedented levels.

It's amazing how fast things can happen, and how clearly bible prophecy can come to fulfillment.  Jesus told us that famines would follow uprisings and revolutions, and the Apostle John recorded in the book of Revelation that food prices would become so expensive, that a days wages would only purchase enough food for a day.

Nation will rise against nation, and kingdom against kingdom. There will be famines and earthquakes in various places. All these are the beginning of birth pains.  Matthew 24:7-8 NIV

Then I heard what sounded like a voice among the four living creatures, saying, “Two pounds of wheat for a day’s wages, and six pounds of barley for a day’s wages, and do not damage the oil and the wine!” Revelation 6:6 NIV

From the articles:
Talking to Gal Luft about security and the effect of oil on the global economy is not for the faint of heart. The executive director of the Washington-based think tank the Institute for the Analysis of Global Security spoke to The Jerusalem Post on Wednesday during the fourth annual Eilat-Eilot Renewable Energy Conference, in a 45-minute conversation that described the petroleum tightrope on which the world’s economies are teetering.
“The world needs to wake up to the fact that if a country like Saudi Arabia follows the same path we’ve seen in Egypt, Tunisia and Libya, it would be a very, very dangerous situation for every economy in the world – the rich and poor alike,” said Luft. “The first thing that will happen is, the poor people of the world will starve; there will be no oil to distribute food in places like Africa. Then all the world markets will collapse.”
_________________________________________
"We could see $220 a barrel should both Libya and Algeria halt oil production. We could be underestimating this as speculative activiites were largely not present in 1990-1991," said Michael Lo, the bank's oil strategist. The warning came as Italy's ENI announced a suspension of supplies through Libya's gas pipeline, and a string of foreign companies evacuated staff and shut production. Libya holds Africa's biggest oil reserves and produces 1.6m barrels a day (b/d), mostly for export to Europe.


'World economy will fall if revolts spread to S. Arabia'



Oil could hit $220 a barrel on Libya and Algeria fears, warns Nomura

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