By Micah HalpernI've Been Thinking:
The price of oil is almost $50 a barrel. The price has continued to creep up even thought Canadian Suncor Energy oil-sands project is about to hit the market.
In addition OPEC will be meeting on Thursday and they will certainly be discussing the issue of supply.
The price of oil continues to slowly climb and that has important ramifications - and not just for our pocketbooks. If oil continues to climb beyond $50 and goes to $70 or $75, it will empower Iran and Saudi Arabia.
Iran and Saudi Arabia both suffered when oil prices dropped. Saudi Arabia lost power and influence. Iran nearly went bankrupt.
The tide is turning once again - and that is not good news for the West. Oil is the tool that greases the wheels of power and influence in large parts of the world.
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