Oil hits $70 as funds flow in, Iran rumbles on
SINGAPORE (Reuters) - Oil leapt to $70 a barrel for the first time in seven and a half months on Monday, extending strong gains made last week as tension mounted between Iran and the West over Tehran's nuclear ambitions.
"The drama over Iran's face-off with the West, the rise of insurgency in Nigeria and gasoline supply concerns in the U.S. ahead of the driving season are keeping a high floor under oil," said Victor Shum at consultancy Purvin & Gertz in Singapore.
You don't even have to have an actual war to increase your profit,though the "war" on Iraq has been mighty profitable for the Bush Base.
When things get hot and the public gets annoyed you can simply threaten war. Repeatedly. And drive up the price of oil.
It's such an enriching way to spend the spring.
"The drama over Iran's face-off with the West, the rise of insurgency in Nigeria and gasoline supply concerns in the U.S. ahead of the driving season are keeping a high floor under oil," said Victor Shum at consultancy Purvin & Gertz in Singapore.
You don't even have to have an actual war to increase your profit,though the "war" on Iraq has been mighty profitable for the Bush Base.
When things get hot and the public gets annoyed you can simply threaten war. Repeatedly. And drive up the price of oil.
It's such an enriching way to spend the spring.
posted by TheFuriousGourmet | 5:06 AM
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