Friday, October 19, 2007

The surge is working

By Libby
Updated below

In fact, it's working very well indeed -- for Big Oil.

LONDON (AFP) - Oil prices soared to another record high above 90 dollars per barrel amid global supply jitters and tensions between Turkey and crude producer Iraq, dealers said Friday.

New York's main futures contract, light sweet crude for delivery in November, touched 90.07 dollars per barrel in early afternoon deals. That beat the previous high of 90.02 dollars set late on Thursday. [...]

"Persistent geopolitical fears provide good support to oil prices," said analyst Andrey Kryuchenkov at the Sucden brokerage in London.

Who says the Bush administration doesn't have a plan for the Middle East? This is the plan and it seems to be working very well for oil magnates.

Update: Rudi leaves a link in comments to a little noticed non-partisan report that measured surge related "progress." It didn't find much that benefits the Iraqis.

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