Lindsey Graham

Sen. Graham Says a Failed Egyptian State Would Not Be Good for Israel or the US

Peace treaties and price of oil could be affected

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Sen. Lindsey Graham says the United States and its ally Israel face serious consequences if Egyptians can't hammer out a solution and re-form democracy.

The Israeli-Egyptian peace treaty would likely be done away with, and Americans could expect skyrocketing oil prices if Egypt becomes a failed state, the South Carolina Republican told Fox News Channel on Wednesday.

"The Suez Canal is a vital economic artery for that part of the world," Graham said. "Our military uses it. Al-Qaida will fill in any vacuum created by a failed state."

Egypt imposed a state of emergency Wednesday after 278 people were killed in a crackdown of supporters of ousted President Mohammed Morsi.