Monday, May 01, 2006

Oil Jumps In Price

Concerns over the stability of the oil supply caused oil to jump up to the $73 range today. Iran is still threatening everyone that they will be nuked if they try to stop them from getting the materials needed to make the nukes in the first place. Nigeria still has its woes and there was a fire in Italy that shut down a refinery.

Also the futures market is driving the price up even more. Which leads to more profit which leads to higher futures, etc.

The US replaced one unstable region for another when it comes to it's oil supply. Last year Africa topped the list of countries where the US purchases it's oil.

Finally, Bolivia nationalized oil and natural gas fields today. Link here and here.

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