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United States Oil Message Board

  • ext4r ext4r Nov 18, 2012 12:02 PM Flag

    Tourism and Travel Hurt by middle-east scuffles.... Oil/Fuel demand crashing

    JERUSALEM (Reuters) - With fighting in the Gaza Strip entering its fifth day and Palestinian rockets landing deeper into Israel than ever before, travelers who had hoped to visit the holy land are starting to think twice.

    A number of hotels in Israel, along with flagship carrier El Al, have already seen some cancellations and believe the number will grow if the violence rages into a second week.

    "The continued firing on the south ... is expected to exact a heavy price on the tourism industry which is one of the central anchors in the region," said Tourism Minister Stas Misezhnikov said on Sunday.

    Folks cancelling world-wide travel plans will further kill demand for oil. Meanwhile, supplies are higher than ever before. Oil prices have a long way to fall.

10.74-0.11(-1.01%)1:09 PMEDT