Oil Goes Past The $70 A Barrel Mark
Over world concerns of tightening supplies, world oil prices surged above $70 a barrel on Friday, which should lead to sharply higher prices within days. Over the 4th of July weekend, American motorists should see near record oil prices. And other nations will likely see signs of increased prices or tighting supplies. In Iran, some rioting over gas rationing has taken place, as their supply of oil continues to tighten. It also forces Iran to engage in an imperialist foreign policy to expand their influence into Iraq to gain some leverage over their oil reserves, thought to be perhaps the largest in the world at an estimated 220 billion barrels of undiscoved oil.
Oil has helped to fuel the U.S. war in Iraq, and will now fuel the further meddling in this nation by Iran, as various powers jockey to gain leverage over the oil supplies of a developing nation like Iraq.