Crude Oil and the Winds of War

Monday, March 5, 2012
By Paul Martin

By: Rick Ackerman
Monday, 5 March 2012

After spiking above $110, the price of a barrel of crude oil receded sharply on Friday, suggesting that the winds of war had abated, if perhaps only temporarily. Oils ups and downs seemed to track Obama’s rhetoric concerning Iran over the weekend. It began with the President saying, in an interview with Atlantic Monthly magazine released late in the week, that he would never allow Iran to develop a nuclear weapon and that it was no bluff to say that the U.S. was prepared to use force to prevent this. But by Sunday, the President had somewhat changed his tune. In a speech before AIPAC, the pro-Israel lobby group, he said there was still time to give negotiations and sanctions time to work. This line landed with a thud at the AIPAC conference, although Obama drew cheers for insisting, in the same speech, that “I do not have a policy of containment; I have a policy to prevent Iran from obtaining a nuclear weapon.” He further noted, to much applause, that “I will not hesitate to use force when it is necessary to defend the United States and its interests.”

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