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Free Commentary
U.S. Fleet Keeps
Oil Price Buoyant
published August 28
With tensions in the Persian Gulf on the rise, the collapse in oil prices that we’ve been predicting may take longer than originally anticipated. There are three U.S. carrier groups within striking distance of Iran right now, and two more reportedly on the way. This is unprecedented, although you’d have to search the web and the newsletter world to find any mention of it.Gary North thinks that the news media have deliberately chosen not to report the naval build-up for fear of starting a panic that could push oil to $200-per-barrel, wrecking the already frail U.S. economy. But we think reporters have simply been too busy obsessing over the Olympics and the meaningless political spectacle in Denver to care about what is going on in the geopolitical world. Whatever the case, the build-up is big news, especially since President Bush has yet to even acknowledge it.
