>Carl Remick wrote:
>
>> OTOH, as CBS MarketWatch notes today: "Crude futures soared above $27 a
>> barrel Monday on fears of a possible disruption in Middle East oil exports
>> following heavy violence between the Israelis and Palestinians over the
>> weekend. Crude for May delivery rose as high as $27.07 a barrel before
>> closing at $26.88, up 57 cents on the New York Mercantile Exchange. The
>> contract had been trading as low at $19.85 a barrel just two months ago on
>> Feb. 7."
>
>Please. Markets fluctuate. It has never been a goal of US foreign policy to
>be able to control the spot market price of a barrel of oil on a day-to-day
>basis.
And if support of Israel helps keep bad guys (i.e. radicals or nationalists who might try to jack up oil prices) out of power in the Arab oil producers, then a price spike now & then is worth the price. I'm not entirely convinced this is true; oil prices may well be set by markets and are therefore beyond political control.
Doug