September 27, 2004
Oil's Well
One of the few ways you could (most cynically) justify our invation of Iraq was that America drives the world's economy... America therefore need a steady energy supply... Let's not be afraid to act when our interests "intersect" with our "principles".. and take that precious oil out of the hands of that, that, that madman.
But that hasn't worked either. (And please don't reply saying that the only reason this is so is because of the temporary lack of security: that's the point of the post, silly.)
LONDON (AFP) - World oil prices raced to new record high levels close to 50 dollars a barrel as unrest in Nigeria and Saudi Arabia alarmed traders already anxious about low oil inventories.
In New York the price of light sweet crude for November delivery climbed to an all-time high point of 49.74 dollars per barrel in electronic trading, the highest level since oil began trading on the New York market in 1983.
The contract smashed through the previous record peak of 49.40 dollars seen on August 20. Prices rose 67 cents to 49.55 dollars a barrel in opening deals.
-- posted by nathan at September 27, 2004 03:10 PM - TrackBack
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