Gas Prices to Go Up?

Somali pirates hijack tanker going to U.S.

Somali pirates seized a tanker carrying crude oil from Saudi Arabia to the U.S. in the increasingly dangerous waters off East Africa, an official said Monday, an attack that could pose a huge environmental or security threat to the region.

The Greece-flagged Maran Centaurus was hijacked Sunday about 800 miles off the coast of Somalia, said Cmdr. John Harbour, a spokesman for the EU Naval Force. Harbour said it originated from Jeddah, Saudi Arabia and was destined for the U.S. The ship has 28 crew members on board, he said.

The pirate problem off Somalia has been one that the US public knows about and talks about but isn’t really interested in doing anything about. If gas prices go up because of this latest hijacking, could that change?

Will soccer moms driving their kids to school in minivans suddenly be calling to hang pirates from the yard arm?

We can only hope.

Comments

  1. “Financially it’s a very costly exercise because the value of oil is so volatile. If it is held for a long time and the price of oil drops, they could lost millions of dollars.” Really? Financially very costly. How about financially very RISKY. Because if the price goes up…guess what…they could make millions more depending on how long it’s held, the change in oil price, and the method used to get their tanker back. Not slanted reporting at all.

  2. COMBAT PIRATES USING Q BOATS

    I see someone else has he same idea I had about these pirates the first time I read about them. While Q Boats success against German subs was not great with the subs winning most battles, these pirates are not using subs.

    I figure if the pirates who go out, never come back alive, the piracy would really slow down, if not stop.

    Sail Q Ships off the coast of Somalia, with the hopes of drawing out some pirates an then, KILL EM!.

    http://themaritimeblog.com

    Interesting Information on Q Boats

    Dr. Frank Stech’s review of Sea Killers in Disguise Q-ships fought over seventy duels with U-boats, and sunk eleven to fourteen … Sea Killers in Disguise : Q Ships & Decoy Raiders of WWI

    http://www.amazon.com/review/R146ZR9K4G9H7O

  3. I think it was just bad word choice, so I’m not holding it against them. But I’m sure not losing any sleep over potential lost profit for a petrol importer either. I’m sure they knew the risks there and had the spread pretty well covered. And if oil prices go up, isn’t that what the futures trade is for? Holding on to a giant tanker full of oil, just waiting for the price to go up seems like an expensive and highly volatile (get it?) venture.

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