I read it adn I dont buy it one bit. Its OPEC that screws with oil prices..
heres a good
link
about half way down there is this-
" Any time there is chaos in the Middle East, The United States thinks back on …memories of other troubles in the Persian Gulf area: the Arab oil embargo in 1973-74, the Iranian revolution in 1979-80 and Saddam Hussein’s invasion of Kuwait in 1990. (1) The area is also vital to our allies, who would be crippled without Gulf oil, whose livelihood we are dependent on. In 1973 O.P.E.C. raised oil prices 70%. The dominant Middle Eastern members of O.P.E.C. used succeeding price increases as a political weapon aimed at Western nations in retaliation for their support of Israel against its Arab neighbors in the so-called Yom Kippur War of October 1973. Prices were accordingly raised another 130% at the Tehran conference of December 1973, and a temporary embargo was placed on the United States and the Netherlands at the same time. Other prices increases followed in 1975, 1977, 1979, and 1980, which ultimately raised the price of a barrel of crude oil from United States $3.00 in 1973 to $30.00 in 1980. "
now what is a barrel going for??? 50 to 60
I should also say that incresed demand for oil has something to do with the rise in prices too, for instance China is s#^&#^&#^&#^&#^&g up alot of it...
