February 24, 2011

 

 

 

Expert available to discuss widespread implications of rising oil costs

 

Hamilton, Ont. February 24, 2011As the Libyan crisis heightens and continues to push the cost of oil over $100 per barrel, Atif Kubursi, a professor of economics is available to discuss the deep impact of rising energy costs.

 

 

“Oil prices continue to rise in tandem with political unrest in the region with over 65% of the world’s proven oil reserves, 36% of oil production and over 40% of oil exports,” says Kubursi, who is an expert on Arab affairs. “Libya produces less than 1.8 million barrels per day and this cannot by itself explain the concerns fuelling oil price increases. The real worries are about this contagion extending to Saudi Arabia and other Gulf countries. At this time this possibility is low but cannot be ruled out.”

 

 

As long as this Arab democratic revolution is spreading, oil producers may not in the end be spared and if and when the winds of change reach the Gulf, oil prices can easily top $200 a barrel, he says.

 

To arrange an interview with Atif Kubursi, please contact him at 905-525-9140, ext. 23809 or kubursi@mcmaster.ca

 

 

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For more information, please contact:

 

Michelle Donovan

Public Relations Manager, Broadcast Media

McMaster University

905-525-9140, ext. 22869

donovam@mcmaster.ca