Friday, June 29, 2007

Global Agenda: Oil's well

by Pinchas Landau from the Jerusalem Post

We are left with the consistent, prosaic and boring of the many reasons that have been put forward over recent years to explain the ongoing strength in the oil price. Demand is growing fast, supply is tight and new sources are expensive to develop and take a long time to "come on stream." There are nasties in Nigeria ... and then there are the "nutters." The Arabs are not nuts. The Saudis, for instance, have managed to get their domestic terrorism under control while continuing to actively export Wahhabi Muslim fanaticism to every corner of the globe, converting, training and financing new and ever-larger cadres of jihadists. The Saudis' neighbors along the West Bank of the Persian Gulf are much more focused on Mammon than on God, with Abu Dhabi using its oil wealth to buy corporations and real estate around the globe and Dubai remaking itself into a vast leisure and business oasis.

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