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Politics and Oil - Foreign and Domestic

Politics and oil each influence the other, to state the obvious.  I note  two examples.  The first is the growing tensions between Syria and other Arab countries in regard to Lebanon, which was highlighted in an excellent New York Times piece today. Both Saudi Arabia and Syria seek to determine the political outcome in Lebanon.  KSA is allied with Egypt and Jordan while Syria is allied with Iran, a non-Arab country.  The potential for a military escalation of the conflict seems real.   Obviously, any armed conflict in the Middle East would impact oil prices dramatically. 

The second matter relates to the fact that higher oil prices act as a pernicious tax on Americans - and citizens of all oil importing countries - just as they shift wealth to oil exporting countries.  The wealth effect on exporters is a substantial driver toward higher oil prices.  I wrote about the Oil Tax two months ago, but I have revised that essay and re-titled it The Tax That Proves a Point.  It actually goes to suggest several points that are not insignificant, I believe.  Please take a peek.  This may be a little controversial in a Democrat/Republican sense.  Your comments are most welcome.

More on this topic (What's this?)
Gold climbs to $1250, Oil at $200 (Investment U, 5/26/09)
Three Big Reasons Oil Prices Will Rally Back Big Time (Money Morning, 5/23/09)
Guest Post: The Good, The Bad And The GDP (Zero Hedge, 5/29/09)
Read more on Oil Prices at Wikinvest

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This entry was posted on Saturday, March 8th, 2008 at 2:53 pm and is filed under Middle East, Price of oil, Russia, Saudi Arabia. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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1 response so far ↓

  • 1 Bruce Randall Miller // Mar 9, 2008 at 3:53 am

    Hi Jim & readers,

    It seems to me that the… ULITMATE TAX… is currently being paid for now with the lifes of our Service Men and Women in the Middle East. This shows the world that we stand.

    This “standing” is our credit! The world will ensure our credit. Once we tried not to get engaged in outside world problems. But the world sucked us in. As a result we will see things such as a non-war-nuclear -armed Iran in the future. The price will be paid!

    Have any of you seen the picture of Obama standing at a rally with everyone holding their hand over their heart as the “Banner” played but not him?

    To vote him or the ex presidents wife in for the next term will only serve to make it harder on the troops.

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