The Daily Background

Apparently, the bigwigs over on Wall Street are seriously concerned about oil prices going above $100 per barrel later this year, major factors seen are what happens in Iran and Iraq, as well as potential hurricanes in the gulf coast and Mexico, effecting oil drilling in the area this summer. Meanwhile, oil companies continue to make the biggest profits they’ve ever made. Oil is currently going at 70-some dollars per barrel, up from $20 after 9/11, and record gas prices are being endured nationwide.

The President, for his part, has suggested that prices could get higher, while some Republican pundits blame the high price of gas on the low public opinion of Defense Secretary Donald Rumsfeld. The President’s Energy Secretary said today that high gas prices could last until a year after the President leaves office (okay, he said three years, but you do the math).

Filed under: oil related, Z-TDB Blog