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February 3rd, 2011
06:00 PM ET

Mideast chaos break U.S. addiction to foreign oil?

FROM CNN's Jack Cafferty:

As unrest sweeps through the Middle East like wildfire, it's worth remembering this crisis will cost all of us - especially at the gas station.

And maybe – just maybe – this time, the chaos in that part of the world will finally be enough to break America's addiction to foreign oil.

Although Egypt is not a major oil producer, it plays a key role in the transport of oil and gas headed to the U.S., Europe and Asia through the Suez Canal.

Without it, shippers would have to send crude oil and gas around the Horn of Africa. That adds on more than two weeks of delivery time to global markets.

With the ongoing violence and protests in Egypt, some shippers are worried about disruptions to the Suez Canal or nearby pipelines.

Nearly 2.5 million barrels of oil go through the canal every day – that's about equal to Iraq's output.

All this comes as global oil supplies are tightening – mostly due to China's increasing demand.

And the markets are reacting. Crude is trading at more than $103 a barrel – that's a 28-month high.

Even before the Mideast erupted, some experts were predicting gas at $5 a gallon by 2012.

And it's not just about the money. So much of the politics of the region has always been dictated by our need for oil. It would be nice to do what's in our best national interest for a change... instead of being beholden to Mideast dictators for their oil.

Here’s my question to you: Should the chaos in the Middle East be enough to break America's addiction to foreign oil?

Interested to know which ones made it on air?

FULL POST


Filed under: Egypt • Middle East • Oil Prices
February 3rd, 2011
05:00 PM ET

Mubarak forced out now instead of September?

ALT TEXT

Egyptian anti-government demonstrators gather in Cairo on this 10th day of protests calling for the ouster of President Hosni Mubarak. (PHOTO CREDIT: PATRICK BAZ/AFP/Getty Images)

FROM CNN's Jack Cafferty:

The Egyptian people are not buying what Hosni Mubarak is selling.

In fact, the anti-government protesters have only become more emboldened since Mubarak's announcement that he'll step down from the presidency - but not until September.

But they want him gone now. They think 30 years is long enough.

However, that doesn't seem to matter much to Mubarak.

He told ABC's Christiane Amanpour that he's sick of being president and would like to leave office now. But he says he can't for fear of the country slipping into chaos. That's as opposed to what we're seeing in the streets of Cairo right now.

As for the people shouting insults at him, Mubarak says, "I don't care what people say about me. Right now I care about my country, I care about Egypt."

Earlier this week, President Obama seemed to suggest Mubarak step down sooner rather than later, saying an orderly transition to a new regime "must begin now."

U.S. officials say the protest movement isn't going away - it's only getting bigger. They worry that the longer the crisis goes on without a resolution, the worse the economic impact and violence will become. Already there are food and fuel shortages and bank closures.

Other world leaders have also called on Mubarak to step aside, including Turkey's prime minister, who says Mubarak should "satisfy the people's desire for change" without hesitation.

Others are suggesting an interim "caretaker government" that could oversee the upcoming elections.

Here’s my question to you: Should Mubarak be forced out now rather than waiting until his term expires in September?

Interested to know which ones made it on air?

FULL POST


Filed under: Egypt • Middle East