Oil goes up, and Iraq is the first reason given. Iraq's been having problems with getting it's oil to markets for over a year, not something that should cause a rapid upswing in prices. Many of the articles on oil prices written last week were blaming the increase on instability in Venezuela, where Chavez was slowing oil production and giving oil to Castro at bargain prices. Last month saw articles blaming increasing oil prices on the problems Yukos was having keeping itself from being destroyed by Putin in his quest to become the next dictator.
The particular article linked provides a tangible reason for the increase, a tremendous growth in demand from China and India. China's slide into fascism and India's abandonment of socialism have given both countries a huge boost in internal development and growth. A question arises though, how long will world oil supplies last if India and China's thirst continues to grow? Do we still have a few centuries, or is this coming up on us much sooner?
Goe, wants one of
these.