UK minister says Arab unrest can double crude prices

LONDON: The price per barrel of oil could double if the unrest in the Arab world is deteriorating, the British oil trader was the minister of international development Alan Duncan warned on Saturday.
Duncan, who has 30 years of business experience in the Persian Gulf, said the price of a barrel of oil could exceed $ 200 (140 euros), well above the record high of $ 147 reached in July 2008.
If the extremists used the instability in the Arab world to bomb the oil tankers, pipelines or the Saudi stock prices could even reach $ 250 a barrel, "Duncan said.
Analysts fear such maxima could trigger another recession in the UK.
"I talked to the government within two months ... $ 200 per card, if it goes wrong, if someone is reckless and fueling unrest. All that I predict danger," said Duncan. "This could be very serious. If the oil twice, you will have a serious surge of (gasoline prices). Try to live without him for a week."
The British government is under pressure on prices at the pumps, with 63 percent of the cost of going to the treasury.
If the worst happened, the current price of # 1.30 ($ 2.10, 1.50 euros) per liter pump "may look like luxury," said Duncan, a warning about # 4 liters.
"Twitter generation now has a massive power. All the Arab countries to move forward. But they are all different," he said. "Credentials go, but you can not do it overnight. We ask them to make the flick of a switch, what we do for centuries. "Most of these rulers are not dictators. These countries with their own history and culture. Who are we to lecture?" We must treat these countries with respect. "People who want it all unelected leaders walk to remember, Iran, "Duncan said. (AFP)