The rising price of oil has been worrisome for months. Today, the price for a barrel of oil crossed above $90.
Developments in Egypt are cause for real concern. Here is how one news organization describes it:
Nearly 3 million barrels of oil transit daily through the Suez Canal, as much as Canada’s daily output, making it one of the world’s most important oil routes. The tankers ferrying this oil are coming from Saudi Arabia, Kuwait and neighbouring producers and are for the most part headed to US shores and to a lesser extent Western Europe which also relies on the North Sea and Russia for its oil supply. Unfortunately Egypt is the country which controls the Suez Canal and as the food riots gradually take the shape of a revolution, the future of the Canal becomes a million dollar question.
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