I made a post about a month ago about how the Middle East riots could affect the economy and how it could affect gas prices due to speculation. A week later, economists were talking about possible rise in gas prices, and now we are seeing it with our own eyes. Nationwide gas prices are averaging at $3.50 a gallon, http://www.msnbc.msn.com/id/3032619/vp/41938596#41938596, and the White House is actually thinking about tapping into its strategic petroleum reserve. No way, impossible. Are things that desperate that we have to tap the strategic reserve? It can only sustain the U.S., at its current rate of consumption, for half a year at best, maybe two years if there is rationing. With the increase in gas prices, we're also staring at an increase in food prices, which in turn will lead to even more riots and panicking. Before the financial crisis, gas prices was at about four dollars a gallon, we're nearing that point again... This is getting bad, real bad.
http://thisbluemarble.com/showthread.php?t=34651
That is the current list of countries suffering from massive civil unrest. It's not even the most current one either, I've seen videos of rioting in Ivory Coast. God knows how many more countries will be affected by this.
What worries me even more is how major world powers will react to this situation. I've read reports of British SAS commandos being captured and spotted in Libya. Right now there are ships from Russia, China, U.S., France, Britain, etc off the cost of Somalia fighting piracy and I wouldn't be surprised if they are repurposed to enable and support factions in those rioting countries to become puppets of their respective governments.
Another aspect that worries me is something the mainstream hasn't talked about yet. I'm wondering if these riots could eventually coalesce into a Pan-Arab/Pan-Islamic movement. It wouldn't be surprising honestly since the Ottoman empire only fell a hundred years ago and various governments throughout the middle east are seen as illegitimate by their respective populace and by more extreme external elements. Saudi Arabia's government, for example, is seen as illegitimate by Al Qaeda for hosting U.S. troops within it, which is considered holy ground by Muslims. I honestly don't know how things will pan out. Will the Middle East be engulfed in the fires of nationalism and chaos or will it usher in an era of peace, enlightenment, and democracy? What I do know for certain is that it's going to get really rough for everyone everywhere.
Note to self: Monitor economic situation, adjust resource allocation for family accordingly.
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