Political instability in the Middle East over the past month has driven parallel unrest in world oil prices. The drive for political freedom in the Middle East has rightfully captured the world's attention but it has also roiled oil markets. Governments across the globe are worried that sustained unrest will escalate oil prices past $100 per barrel on their way to $120 or more, choking the struggling economic recovery in the United States, Europe, and elsewhere. One entity, however, is almost certain to benefit from this volatility: Big Oil companies.
On Friday, January 28, oil closed at $89 a barrel—$4 or 5 percent higher than the previous day. This leap reflected concerns that the Egyptian revolution would interfere with Persian Gulf oil transportation and deliveries. Prices returned to $85 a barrel when President Hosni Mubarak resigned on February 11, reflecting some stability.
Showing posts with label Big Oil Middle East Oil Prices BP Chevron ConocoPhillips ExxonMobil Shell Congress Barack Obama Deepwater Horizon Ed Markey. Show all posts
Showing posts with label Big Oil Middle East Oil Prices BP Chevron ConocoPhillips ExxonMobil Shell Congress Barack Obama Deepwater Horizon Ed Markey. Show all posts
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