Global Oil Prices Leap After Iraq Pipeline Bombed
Mar 31st, 2008
Global oil prices leaped up past $108/barrel after Iraqi insurgents bombed a pipeline near the southern export hub of Basra. Initial estimates said that the loss of the single pipeline might cut Basra’s exports by one-third.
The price of oil went down again when it became clear that the damage to the pipeline was not as extensive as first thought.
The global economy needs that infrastructure!