Egypt and Rising Oil Prices

January 31, 2011 by Craig Fuller

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.

For more details and to track oil prices, click here:  http://bit.ly/g4wD0h

One Response to “Egypt and Rising Oil Prices”

  1. Unhappy Cirrus Owner Says:

    ** Attention Cirrus Owners ** Whatever you do DONT let your plane get into a repair situation with a Cirrus – The Factory is weeks and weeks behind, engineers are quitting, and getting the engineering data needed to fix something as small as a 2 x 4 inch repair on the fuselage will take MONTHS alone! – I have been without my plane for 3 months and 5 days, every time I inquire about my repair the Cirrus Service Center tells me its 3 more weeks. I have heard this for 3 months and I recommend strongly against the company. The plane is great but god forbid you need support or service, because you will be left hanging.

    I should of bought a Cessna Corvallis TT

    Very unhappy Cirrus owner.

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