Friday, August 13, 2004
A new high for oil
Oil traded at over $46/barrel today, an historic high, despite this week's announcement by Saudi Arabia that it was significantly expanding production.
Traders were said to be worried about Russia's Yukos, the upcoming election in Venezuela—which may be manipulated by the Bush administration, by the way—and of course Iraq, always.
The Bush administration has obviously contributed to the causes of rising oil prices and should be given the appropriate credit.