GasBuddy Blog

GasBuddy News Article

votes

Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers

Oilprice.com -- The European ban, due to take effect at the beginning of July, on importing Iranian oil will also prevent European insurers from covering any tankers carrying crude from Tehran to the rest of the world. This effect will be felt particularly hard in London, which is the main district for marine insurance.

Without insurance tankers will not transport goods, so it is of utmost importance to Asian buyers of Iranian crude that they find other means to replace the shipping insurance cover predominantly provided by London insurers.

Indian and Chinese firms have already approached state insurers to provide the cover for their own shipments,

Read the Full Article

Submitted May 09, 2012 By: NOTSOGRN

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First Prev

Last

bikechuck Champion Author Indianapolis Posts:7,016 Points:2,064,095 Joined:Apr 2006	Message Posted: May 9, 2012 3:19:07 PM Ignore bikechuck Report Abuse The ban is hurting not just Iran.
IMLURCH Champion Author Minnesota Posts:2,184 Points:1,103,180 Joined:Mar 2009	Message Posted: May 9, 2012 3:17:32 PM Ignore IMLURCH Report Abuse Iran should just buckle to the U.N. inspections and make life easier on the people of Iran. Their government is hurting their people by defying the rest of the world.
Old Timer Champion Author Akron Posts:3,742 Points:1,263,015 Joined:Sep 2003	Message Posted: May 9, 2012 3:11:52 PM Ignore Old Timer Report Abuse Okay
repeater1 Champion Author Topeka Posts:8,303 Points:2,365,820 Joined:Oct 2005	Message Posted: May 9, 2012 3:06:56 PM Ignore repeater1 Report Abuse Europe already has some of the highest gas prices around.
TopGunn Champion Author Baltimore Posts:9,186 Points:2,616,280 Joined:Aug 2004	Message Posted: May 9, 2012 3:03:45 PM Ignore TopGunn Report Abuse Maybe - maybe not. More speculation.
tsgasprc Champion Author Colorado Posts:1,317 Points:360,915 Joined:Jun 2010	Message Posted: May 9, 2012 3:03:35 PM Ignore tsgasprc Report Abuse We all need to get on the same page about Iran. In 3-4 years we will have to deal with an enemy larger than Iraq and Afghanistan together if we don't do something soon...
BIGREDNM Champion Author Albuquerque Posts:3,602 Points:847,735 Joined:Oct 2010	Message Posted: May 9, 2012 3:01:21 PM Ignore BIGREDNM Report Abuse We can do without Iran.
mindrisa Veteran Author Denver Posts:375 Points:133,755 Joined:Feb 2012	Message Posted: May 9, 2012 2:55:23 PM Ignore mindrisa Report Abuse ok
monarch57 Champion Author British Columbia Posts:1,628 Points:135,710 Joined:Nov 2008	Message Posted: May 9, 2012 2:52:51 PM Ignore monarch57 Report Abuse Any excuse to gouge gouge gouge.
rick_evans Champion Author Boston Posts:3,725 Points:1,033,730 Joined:Aug 2005	Message Posted: May 9, 2012 2:52:26 PM Ignore rick_evans Report Abuse ok
blah2blah3 Champion Author Houston Posts:2,606 Points:600,870 Joined:May 2011	Message Posted: May 9, 2012 2:50:47 PM Ignore blah2blah3 Report Abuse ok
divebomber Champion Author Nebraska Posts:6,083 Points:1,813,250 Joined:Jun 2007	Message Posted: May 9, 2012 2:47:29 PM Ignore divebomber Report Abuse BRITAIN/EUROPE FEARS A LOT OF THINGS!
USAv8tor Veteran Author Long Island Posts:348 Points:138,665 Joined:Mar 2012	Message Posted: May 9, 2012 2:46:55 PM Ignore USAv8tor Report Abuse Well now the members of Great Britain's Parliament who are involved in that maritime insurance business will complain to the U.S. about the sanctions against Iran and ask the U.S. to back off.
Taurus1 Champion Author Ohio Posts:3,130 Points:1,674,475 Joined:Apr 2006	Message Posted: May 9, 2012 2:42:48 PM Ignore Taurus1 Report Abuse doesn't sound good.
DrillBaby1 Rookie Author Boston Posts:10 Points:4,600 Joined:Feb 2012	Message Posted: May 9, 2012 2:39:21 PM Ignore DrillBaby1 Report Abuse Who was to know
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: May 9, 2012 2:38:13 PM Ignore 19sheldon43 Report Abuse My I suggest Lloyd's of London
RochBear Champion Author Minnesota Posts:10,467 Points:1,741,940 Joined:May 2006	Message Posted: May 9, 2012 2:37:27 PM Ignore RochBear Report Abuse Currently the price of oil (both US and Brent) is DOWN.
Hugo40 Champion Author Kentucky Posts:7,629 Points:1,617,980 Joined:Aug 2008	Message Posted: May 9, 2012 2:34:31 PM Ignore Hugo40 Report Abuse You think.
RochBear Champion Author Minnesota Posts:10,467 Points:1,741,940 Joined:May 2006	Message Posted: May 9, 2012 2:33:33 PM Ignore RochBear Report Abuse This should have NO impact on oil prices. And if those ships don't have insurance, Tell the pirates where the ship is. If China has to pay for a few ship fulls of oil, but doesn't get the oil, they will stop buying from Iran.
belladog Champion Author Mobile Posts:2,587 Points:936,080 Joined:May 2007	Message Posted: May 9, 2012 2:33:02 PM Ignore belladog Report Abuse what ever
redtruck01 Champion Author North Carolina Posts:1,593 Points:1,360,010 Joined:Mar 2009	Message Posted: May 9, 2012 2:29:09 PM Ignore redtruck01 Report Abuse There is always a lame reason to raise prices.
dynamouse Champion Author Michigan Posts:4,509 Points:1,750,825 Joined:Dec 2006	Message Posted: May 9, 2012 2:28:32 PM Ignore dynamouse Report Abuse f them an drill
themaninthehat Champion Author New Orleans Posts:1,824 Points:472,265 Joined:Feb 2011	Message Posted: May 9, 2012 2:27:44 PM Ignore themaninthehat Report Abuse The Global economy at work.
boldrph Champion Author Topeka Posts:18,376 Points:3,451,640 Joined:Oct 2002	Message Posted: May 9, 2012 2:20:17 PM Ignore boldrph Report Abuse fascinating
HawaiianGuy Champion Author Idaho Posts:9,528 Points:3,079,700 Joined:May 2003	Message Posted: May 9, 2012 2:19:45 PM Ignore HawaiianGuy Report Abuse Gee, I wonder why anyone would be reluctant to insure carriers of Iranian crude? They must know something we don't...
MarkC08 All-Star Author Worcester Posts:663 Points:588,245 Joined:Nov 2008	Message Posted: May 9, 2012 2:18:40 PM Ignore MarkC08 Report Abuse OK
flghtmedic All-Star Author Pensacola Posts:517 Points:384,705 Joined:Apr 2006	Message Posted: May 9, 2012 2:17:07 PM Ignore flghtmedic Report Abuse Ok
GRUMPY55 Champion Author California Posts:1,629 Points:423,500 Joined:Oct 2011	Message Posted: May 9, 2012 2:13:58 PM Ignore GRUMPY55 Report Abuse ok
pulpwood Champion Author Mississippi Posts:7,379 Points:1,859,605 Joined:Sep 2006	Message Posted: May 9, 2012 2:12:33 PM Ignore pulpwood Report Abuse It will.
Illini_Chief Champion Author Illinois Posts:105,441 Points:1,979,565 Joined:May 2007	Message Posted: May 9, 2012 2:12:26 PM Ignore Illini_Chief Report Abuse It won't hurt as much as buring up in a nuclear blast. May hurt longer though since you will incinerate at 10 or 20 thousand degrees in nanoseconds.
DrLyon Champion Author Michigan Posts:6,650 Points:1,211,830 Joined:May 2006	Message Posted: May 9, 2012 2:12:10 PM Ignore DrLyon Report Abuse Don't like spikes....
Melven Champion Author Utah Posts:4,093 Points:1,487,840 Joined:Jul 2005	Message Posted: May 9, 2012 2:07:48 PM Ignore Melven Report Abuse These sanctions are just going to end up hurting us as well as the Iranians. This will hurt the insurance industry for many years to come, because once they find alternate insurance sources they will not go back to us after the sanctions end.
honkerman Champion Author San Jose Posts:44,287 Points:2,397,095 Joined:Jul 2004	Message Posted: May 9, 2012 2:05:57 PM Ignore honkerman Report Abuse More than one way to skin a cat
honkerman Champion Author San Jose Posts:44,287 Points:2,397,095 Joined:Jul 2004	Message Posted: May 9, 2012 2:05:36 PM Ignore honkerman Report Abuse More than one way to skin a cat
Suzzoom Champion Author Nevada Posts:2,368 Points:506,140 Joined:Jan 2011	Message Posted: May 9, 2012 2:03:45 PM Ignore Suzzoom Report Abuse "For every action, there is an equal and opposite reaction." Sir Isaac Newton--Third Law of Motion
gumbyrex Champion Author Fresno Posts:3,301 Points:759,290 Joined:Mar 2011	Message Posted: May 9, 2012 2:02:55 PM Ignore gumbyrex Report Abuse Somebody is going to make a few bucks insuring these tankers. I'm sure someone will step up to the plate and charge a premium to insure the tankers.
Double_Golden Champion Author San Francisco Posts:2,565 Points:605,610 Joined:Aug 2011	Message Posted: May 9, 2012 2:01:34 PM Ignore Double_Golden Report Abuse oh,yeah..
wang91554 Champion Author San Jose Posts:3,170 Points:1,201,805 Joined:May 2009	Message Posted: May 9, 2012 2:00:46 PM Ignore wang91554 Report Abuse really?
Grismer Champion Author Kitchener-Waterloo Posts:8,534 Points:1,724,045 Joined:Apr 2008	Message Posted: May 9, 2012 1:58:16 PM Ignore Grismer Report Abuse A predictable consequence of oil embargos would be this lack of insurability. Why is Britain so surprised?
lightbulbman2008 Champion Author Worcester Posts:415,001 Points:1,587,635 Joined:Oct 2008	Message Posted: May 9, 2012 1:56:14 PM Ignore lightbulbman2008 Report Abuse wait and seee...
PathTrack Champion Author Twin Cities Posts:1,203 Points:134,685 Joined:Jan 2005	Message Posted: May 9, 2012 1:56:10 PM Ignore PathTrack Report Abuse Sanctions normally don't work. It really ends up hurting innocent people, not the communist, dictatorship regime.
LSU_TIGERS_dmb Champion Author Louisiana Posts:1,714 Points:620,770 Joined:May 2011	Message Posted: May 9, 2012 1:55:17 PM Ignore LSU_TIGERS_dmb Report Abuse Need a president that wants low oil princes so hurry up November
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: May 9, 2012 1:52:30 PM Ignore NoStrings Report Abuse politics
lowpet All-Star Author Texas Posts:527 Points:86,915 Joined:Dec 2008	Message Posted: May 9, 2012 1:50:31 PM Ignore lowpet Report Abuse be interesting to see how this plays out
AcuraTSX Champion Author Ohio Posts:5,494 Points:2,182,130 Joined:Dec 2005	Message Posted: May 9, 2012 1:48:47 PM Ignore AcuraTSX Report Abuse ok
frugalking Champion Author Twin Cities Posts:1,067 Points:218,445 Joined:Mar 2010	Message Posted: May 9, 2012 1:47:44 PM Ignore frugalking Report Abuse Sooner or later we will just have to suck up the pain and do something about Iran or it will have nukes. Period. Better the insurance companies take a pinch in the pocketbook than have soldiers die when war has to break out to keep Iran from getting nukes.
Rehorsehay All-Star Author California Posts:871 Points:45,925 Joined:Feb 2012	Message Posted: May 9, 2012 1:46:13 PM Ignore Rehorsehay Report Abuse okay
Wes1972 All-Star Author California Posts:650 Points:319,360 Joined:Mar 2011	Message Posted: May 9, 2012 1:45:45 PM Ignore Wes1972 Report Abuse All this does is send more business to China! What a great move these BS political bans do. First they raise our energy prices costing us billions worldwide and now we send huge amounts of insurance business to China and India. What a plan,I'm impressed with the plan as much as I am with our current whitehouse resident and his clueless gang of green dreamers.
chevellefan Champion Author Georgia Posts:2,733 Points:593,545 Joined:Sep 2011	Message Posted: May 9, 2012 1:43:50 PM Ignore chevellefan Report Abuse k
wulf2000 Champion Author Miami Posts:3,032 Points:1,389,905 Joined:May 2005	Message Posted: May 9, 2012 1:42:46 PM Ignore wulf2000 Report Abuse To me this is a British or European problem.
seahawks Champion Author Washington Posts:3,232 Points:1,964,720 Joined:Sep 2005	Message Posted: May 9, 2012 1:40:13 PM Ignore seahawks Report Abuse interesting!!!