Tuesday, July 08, 2008

Oil Junta and Ahmadinejad tone down war talk because of this blog.

CNNmoney reports:

"Oil prices extended a post-July 4th descent Tuesday - falling more than $9 a barrel over two days - as Iran's president downplayed concerns about possible war in the Middle East and investors anticipated falling demand due to high gasoline prices . . . The price of light sweet crude for August delivery tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange. It was the lowest level in nearly two weeks, and followed a drop of $3.92 Monday."

It looks like they have been monitoring my posts and have decided to allow the price of a barrel of oil to fall slightly in order, obviously, to undermine my centeral arguement that the Oil Junta in the WH and Mahmoud Ahmadinejad are in league to make money for the oil giants.

Case in point:

"Iran: Concerns over supply disruptions in the oil-rich Middle East eased after Iranian president Mahmoud Ahmadinejad said he did not believe there would be an armed conflict between Iran and Israel or the United States. At a summit of Muslim nations in Malaysia on Tuesday, Ahmadinejad said he believed the United States and Israel have been using propaganda and psychology against Iran, but that he did not see war in the future, the Associated Press reported."

Well, based on that, I'd say war is a near impossibility, now. You can take what Mahmoud says to the bank. (Unless, that is, the bank goes under.)

Investors are thinking that beside the good news about the war, demand for oil is going to go down and the value of the dollar is going up. Problem solved! Let's start investing in risky paper again. Investors are very serious people who you can always trust to do the right thing, so go out and spend, spend, spend.

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