Finally, the major media has picked up on what I have been saying for years. The initial domino that drove oil to its current high level was the loss of Iraqi production. The ongoing attacks in Iraq have stripped 1.6 m barrels a day from the market. For an inelastic oil market beset by rapid growth in demand (both China and the US), this was a huge shock.
This confirms what I’ve been saying for a while. Not only are the Bushies nasty and freedom-hating, they are also incompetent. They invade to get cheap oil and instead drive prices up. They haven’t succeeded at much of anything, have they?
Above link from Global Guerillas, who also says the Iran war has already started.