It’s all about Egypt this morning. However crude oil prices have surrendered some gains since opening in the Far East last night. March crude oil had posted a 9087 high early in the session has pulled back to just under 90.00 as of this writing. The Administration thought that the issue was of such grave concern, the Secretary of State appeared on all three of the major TV networks Sunday morning public affairs programming. Is the West’s supply of oil in jeopardy? Well, even the most cursory look at a map of the region shows the unrest moving east and closer to the Saudi oilfields. Is the Suez Canal and the Saudi oilfields beyond in danger? Well, not really, but history shows that these sort of revolutionary movements can suddenly spin badly out of control. And the elements that create such a possibility are here…
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