NBC News: Oil to $300-$400 a Barrel if Iran Attacked
The consequences of a military attack on
NBC News chief foreign correspondent Richard Engel warned on the July 1 âNBC Nightly Newsâ an attack by Israel could send oil prices soaring â sending gas prices into territories never imagined.
âI asked an oil analyst that very question,â Engel said. âHe said, âThe price of a barrel of oil: Name your price â $300-$400 a barrel.ââ
What would oil at those levels mean? A June 11 Time magazine story by Robert Baer put the price of a gallon of gas at $12 if oil goes to $300 a barrel. In May, Robert Hirsch, Management Information Services Senior Energy Advisor, told CNBCâs âSquawk Boxâ the oil at those prices could mean $15-a-gallon gas.
â[T]he prices that weâre paying at the pump today are, I think, going to be âthe good old days,â because others who watch this very closely forecast that weâre going to be hitting $12 and $15 per gallon,â Hirsch said.
Engelâs doom-and-gloom prognosis of âname your priceâ oil comes a nearly two months after White House Counselor Ed Gillespie sent a scathing letter to NBC admonishing Engelâs network for âdeceptively editingâ an interview Engel conducted with Bush. The White House claimed Engel mischaracterized Bushâs stance on the interview with its editing process.
âNBCâs selective editing of the Presidentâs response is clearly intended to give viewers the impression that he agreed with Engelâs characterization of his remarks when he explicitly challenged it,â Gillespie wrote in a letter dated May 19. âFurthermore, omitted the references to al Qaeda, Hezbollah and Hamas and ignored the clarifying point in the Presidentâs follow-up response that U.S. policy is to require Iran to suspend its nuclear enrichment program before coming to the table, not that ânegotiating with Iran is pointlessâ and amounts to âappeasement.ââ