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Oil Prices Press Above $100 Again

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By Douglas A. McIntyre Published
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Oil prices have risen to $102. One of the causes is concern that the flow of oil from Iran could drop. Sanctions against the nation because of its nuclear power activity to curtail the shipment of 2.2 million barrels a day. Iran is the third largest oil exporter in the world.

Iran’s government has said that if its flow to the international markets is cut, oil prices could quickly rise to $250 a barrel.  That is hard to prove, but an interruption would cause a spike. Then it would be left to OPEC, particularly Saudi Arabia, to say if it will make up for the short fall. Oil shipments from Libya have also begun to come online.

The other cause for upward pressure on oil prices is the improvement of economic activity in the US. That could be quickly offset by trouble in Europe and a slowing China economy

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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