Dependence On Foreign Oil...

9 April 2002


has been a weak link in our economy for many years. Couple that with an artificially low price for gasoline in the U.S. and we are faced with quite a quandry. Now we’re being ”held hostage” for a change in our political views at a time when we are desperately trying to turn our economy around. We could be facing ”The Perfect Storm.”
IRAQ SAID it would halt oil exports for 30 days to show support for the Palestinians. The move sent oil prices higher and put OPEC in a quandary as to whether it will add some of its oil to the market or hold back for fear of appearing to back the U.S. against an Arab country. [Wall Street Journal]

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