Obama is the OPEC President

Obama is the OPEC President

First it went up—an expected reaction to the expanding anti-American riots taking place in the Middle East and Israel’s “hawkish statements.” Then, almost inexplicably, it went down—while the reasons for the increase remained intact.

Industry experts have come up with a variety of explanations as to why the price of crude oil suddenly dropped from “a four month high of $117.95”—with American gasoline prices at “the highest ever level for this time of the year”—to “their lowest in six weeks.” A wide range of reasons are offered: expiring futures contracts; doubts about the pace of global economic recovery;...