The Connection Between Oil Prices And Social Unrest

Oil Prices And Social Unrest -- Kevin Rafferty, Japan Times

HONG KONG — The resignation of Hosni Mubarak after a 30-year reign as modern-day pharaoh of Egypt has demonstrated the nervous and potentially combustible connection between oil and politics in the Middle East. As soon as Mubarak quit after weeks of demonstrations, oil prices dropped, but quickly rose again, and benchmark Brent crude touched $103 a barrel as new political protests erupted in Bahrain and Iran amid certainty about who would really rule Egypt.

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My Comment: A sobering assessment on how much the world is dependent on oil from Arab countries, and how unrest and revolution in that part of the world can have a pronounced impact on oil prices and on the world economy as a whole.

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